In today's session, the quotation broke the triangle they had identified in yesterday's analysis by pushing prices up 10%.
This bullish movement has also flown the highs that we had identified in the channel descended briefly, changing market sentiment.
At this point we expect a continuous rise in prices towards 8,000, or rather up to 7,900, where we find another possible resistance that is determined by the EMA200 (TF 1D) and at the same time in the same area we find the EMA50 on the TF 1W at 7850; but not only that, here we also find the dynamic resistance line of the upward channel within which prices have been moving since the end of the collapse in March.
Insoma, there should be all the conditions to brake the ascent and perform a retrace to the channel support (area 7,200).
On the other hand, an upward rupture of the channel could push prices even higher, perhaps fuelled by the impending halving.
The latter is another sensitive factor to take into account and we will dedicate a special one in the coming days.
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Operational tips:
A good trading technique to follow at this time could be the following:
We are waiting for the possible reaching of area 8k, on the resistance line of the channel.
At this point we are waiting for a reversal signal, for example: an upward drilling of the upper Bollinger band with re-entry and next red candle, confirmed by a death cross of the stochastic in overbought area.
Once entered short set the SL a few pips above the turning point (maximum of the candle that pierced the band) and TP set to a fibonacci retracement level (0.5 or 0.618) also taking into account other support levels and the stochastic indicator.
This bullish movement has also flown the highs that we had identified in the channel descended briefly, changing market sentiment.
At this point we expect a continuous rise in prices towards 8,000, or rather up to 7,900, where we find another possible resistance that is determined by the EMA200 (TF 1D) and at the same time in the same area we find the EMA50 on the TF 1W at 7850; but not only that, here we also find the dynamic resistance line of the upward channel within which prices have been moving since the end of the collapse in March.
Insoma, there should be all the conditions to brake the ascent and perform a retrace to the channel support (area 7,200).
On the other hand, an upward rupture of the channel could push prices even higher, perhaps fuelled by the impending halving.
The latter is another sensitive factor to take into account and we will dedicate a special one in the coming days.
Sign up for the newsletter and stay updated!
Operational tips:
A good trading technique to follow at this time could be the following:
We are waiting for the possible reaching of area 8k, on the resistance line of the channel.
At this point we are waiting for a reversal signal, for example: an upward drilling of the upper Bollinger band with re-entry and next red candle, confirmed by a death cross of the stochastic in overbought area.
Once entered short set the SL a few pips above the turning point (maximum of the candle that pierced the band) and TP set to a fibonacci retracement level (0.5 or 0.618) also taking into account other support levels and the stochastic indicator.
