It has been more than a year since I have published a trading chart and I am excited to get back to it. Nextblock is a community for crypto investors and we will publish more charts and analysis in our trading group. Our trading view channel will consist of 1 or 2 charts per day and look forward to sharing our collective knowledge with a wider audience.
Back to the analysis:
Bitcoin has been in a upward trend for most of the year facing only a few minor setbacks. This trend is set to continue if resistance is met with volume and the volume is consistent. On intraday 4hr chart, BTC/USD has been moving in an acute range with bullish bias only due to the recovery attempts limited a strong resistance. This resistance area around $8,400 needs to be taken out before we can believe that the breakthrough is confirmed.
On the other side the momentum being built by the trend is withering. If we see a fall to a range of $7800 -$7400 we will expect the trend to be broken and could it Bitcoin fall to sub $7,000 in the short term.
Remember that the trend is your friend.
- Connor Benoit-Milner
Back to the analysis:
Bitcoin has been in a upward trend for most of the year facing only a few minor setbacks. This trend is set to continue if resistance is met with volume and the volume is consistent. On intraday 4hr chart, BTC/USD has been moving in an acute range with bullish bias only due to the recovery attempts limited a strong resistance. This resistance area around $8,400 needs to be taken out before we can believe that the breakthrough is confirmed.
On the other side the momentum being built by the trend is withering. If we see a fall to a range of $7800 -$7400 we will expect the trend to be broken and could it Bitcoin fall to sub $7,000 in the short term.
Remember that the trend is your friend.
- Connor Benoit-Milner