Hey there! Here's a brief but to the point analysis on itcoin.
As you can see, bitcoin is on track towards a zone around $9350s (point D) inside the small parallel channel (cyan dotted lines). At this point I don't believe there's enough strength in BTC to breakout, which gives us a good opportunity to short BTC. Bitcoin *should* bounce off the down trend line (pink dashed line) and go bearish for a couple of days until we reach an area around $8,900-$9,000 (point E). Once we get there, bitcoin is likely to reverse one more time to the upside (inside the symmetrical triangle ABCDE) and hopefully carry enough momentum for a proper breakout crossing $9350 and subsequently $9570 & $9770.
What would be considered a breakout?
Crossing above the down trendline AND staying above it. You can see important levels of resistance (red dashed lines) on the chart.
What if (E) doesn't provide enough support for bitcoin?
If bitcoin breaks to the downside of the symmetrical triangle, there's a possibility for this to have been a bull trap, as of right now, that would be an unlikely scenario. If you have been following my other BTC charts, you might remember that I have been "cautiously bullish" for quite a while. Breaking below the "strong support zone" would be a good indication of a bearish continuation (bigger picture)
Please take a minute leave a comment below and thumbs up if you agree with this idea!
As you can see, bitcoin is on track towards a zone around $9350s (point D) inside the small parallel channel (cyan dotted lines). At this point I don't believe there's enough strength in BTC to breakout, which gives us a good opportunity to short BTC. Bitcoin *should* bounce off the down trend line (pink dashed line) and go bearish for a couple of days until we reach an area around $8,900-$9,000 (point E). Once we get there, bitcoin is likely to reverse one more time to the upside (inside the symmetrical triangle ABCDE) and hopefully carry enough momentum for a proper breakout crossing $9350 and subsequently $9570 & $9770.
What would be considered a breakout?
Crossing above the down trendline AND staying above it. You can see important levels of resistance (red dashed lines) on the chart.
What if (E) doesn't provide enough support for bitcoin?
If bitcoin breaks to the downside of the symmetrical triangle, there's a possibility for this to have been a bull trap, as of right now, that would be an unlikely scenario. If you have been following my other BTC charts, you might remember that I have been "cautiously bullish" for quite a while. Breaking below the "strong support zone" would be a good indication of a bearish continuation (bigger picture)
Please take a minute leave a comment below and thumbs up if you agree with this idea!
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Larger time-frame view of the same TA
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Bull flag on 5m candles :D
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Btc is at a key resistance point AND it seems to have enough momentum to breakout. There where some bullish news yesterday that might be behind this strong buying effort.
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$9770 here wecome
i.gyazo.com/3ec7fce4...c585c12c478389ef.png