Welcome to this quick TA on Bitcoin
SO WHATS BEEN GOING ON IN THE PAST WEEKS?!
We see that BTC has been bouncing within a descending parallel channel.
Within this channel the price volatility has been decreasing, coinciding with the decreasing volume.
You will notice a resistance trend line (white dotted line) plotted within the larger structure.
This trend line has just seen a breakout, surpassing the 200MA (in red) - will this hold?
31st July is the date (would've been the optimum entry point) - with a MACD crossover, ADXDI cross, and just completed a double bottom at 9,100
KEY LEVELS
11,500 - This should be the upper bound of the descending channel, if BTC has the momentum to retest. So watch for volume to accompany price action this coming week.
11,000 - This is a major Resistance level, which recently played as support
This zone has been highlighted in orange, that has been historically a strong area of support and/or resistance
10,000 - The undisputed big even, we are likely to revisit this level.
Depending on price action at this pivot point, we could experience a strong bounce to be accompanied by strong volume.
However, if we bears take control at this point, we may see a failed bull rally.
9,000 - Another pivotal zone of support/resistance, however, the recent revisit to this price level was very weak - BTC bounced back up strongly leaving a long wick.
WARNING
Observe an imminent MACD crossover (to the bearish side), signalling a bearish reversal.
We have yet to observe confirming volume to catalyse and sustain a continuous upward rally.
BTC will need to break above 11,500 (or the upper bound of the descending channel), sustain higher highs, and higher lows, in order to confirm the next major leg of the rally.
WATCH FOR VOLUME!!
SO WHATS BEEN GOING ON IN THE PAST WEEKS?!
We see that BTC has been bouncing within a descending parallel channel.
Within this channel the price volatility has been decreasing, coinciding with the decreasing volume.
You will notice a resistance trend line (white dotted line) plotted within the larger structure.
This trend line has just seen a breakout, surpassing the 200MA (in red) - will this hold?
31st July is the date (would've been the optimum entry point) - with a MACD crossover, ADXDI cross, and just completed a double bottom at 9,100
KEY LEVELS
11,500 - This should be the upper bound of the descending channel, if BTC has the momentum to retest. So watch for volume to accompany price action this coming week.
11,000 - This is a major Resistance level, which recently played as support
This zone has been highlighted in orange, that has been historically a strong area of support and/or resistance
10,000 - The undisputed big even, we are likely to revisit this level.
Depending on price action at this pivot point, we could experience a strong bounce to be accompanied by strong volume.
However, if we bears take control at this point, we may see a failed bull rally.
9,000 - Another pivotal zone of support/resistance, however, the recent revisit to this price level was very weak - BTC bounced back up strongly leaving a long wick.
WARNING
Observe an imminent MACD crossover (to the bearish side), signalling a bearish reversal.
We have yet to observe confirming volume to catalyse and sustain a continuous upward rally.
BTC will need to break above 11,500 (or the upper bound of the descending channel), sustain higher highs, and higher lows, in order to confirm the next major leg of the rally.
WATCH FOR VOLUME!!
