Heres another one of my charts of bitcoin, this time from the hourly time frame.
There's a lot going on on this chart, so let me briefly explain it:
The red channel (at the top) represents the zone in which bitcoin has been getting rejected from since we corrected 50%+ from the all time high. To start making bulliish momentum again, we need to have a strong break above 42k, which is the top of this zone.
On the other end, we have the green box, which represents a strong support region ranging from 31k to 28k. Every time we have entered this box (thus far), we have gotten a strong bounce.
With all of this in mind, we can also see on my chart the ascending triangle (blue) that bitcoin has been developing the past couple of weeks or so. The measured move of a break to the downside of this pattern is roughly $25k, which would bring us below our support box. A break to the upside would bring us above our resistance range (red), to approximately $45k. Until there is a clear break, I'd recommend waiting to trade this. However, when there is a clear break, there will be a massive trade to be had! Let me know if you have any questions on this analysis!
There's a lot going on on this chart, so let me briefly explain it:
The red channel (at the top) represents the zone in which bitcoin has been getting rejected from since we corrected 50%+ from the all time high. To start making bulliish momentum again, we need to have a strong break above 42k, which is the top of this zone.
On the other end, we have the green box, which represents a strong support region ranging from 31k to 28k. Every time we have entered this box (thus far), we have gotten a strong bounce.
With all of this in mind, we can also see on my chart the ascending triangle (blue) that bitcoin has been developing the past couple of weeks or so. The measured move of a break to the downside of this pattern is roughly $25k, which would bring us below our support box. A break to the upside would bring us above our resistance range (red), to approximately $45k. Until there is a clear break, I'd recommend waiting to trade this. However, when there is a clear break, there will be a massive trade to be had! Let me know if you have any questions on this analysis!