After a bullish consolidation around 7300-7100, the bears could barely bring BTC below the 400EMA, and the convergence of the 440EMA and 400MA were not even touched, shooting BTC upwards, now looking for a new top.
There were 3 scenarios...
1) BTC finds support below the 400 MA - very bearish and gives potential for further correction
2) BTC bounces off of the 400 MA - bearish in that further meetings with the 400MA will probably happen
and finally 3) BTC doesn't even touch the 440EMA and 400MA and breaks out from the bullish consolidation - probably BTC mid term bottom found at 7K and lots of upside ahead ;)
Crossing this green trend line by this much should slingshot BTC much higher than last time, but confirmation will be breaking through and marking it as support, just like last time
There were 3 scenarios...
1) BTC finds support below the 400 MA - very bearish and gives potential for further correction
2) BTC bounces off of the 400 MA - bearish in that further meetings with the 400MA will probably happen
and finally 3) BTC doesn't even touch the 440EMA and 400MA and breaks out from the bullish consolidation - probably BTC mid term bottom found at 7K and lots of upside ahead ;)
Crossing this green trend line by this much should slingshot BTC much higher than last time, but confirmation will be breaking through and marking it as support, just like last time
Trade active:
After a 5 day rally, we meet the green trend line and fail at first attempt. The bulls will probably push for a cross and then take profits on FOMO, bringing us back below. Upon the cross should confirm profit taking, and an uptrend, waiting for a potential pull back below the line to buy back.
The 400MA will probably not be approached due to the bullish divergence from it before, so only slight pull back of btc expected to 7200-7500 range expected which can correct alts for another rally.
Please like if this helps!
The 400MA will probably not be approached due to the bullish divergence from it before, so only slight pull back of btc expected to 7200-7500 range expected which can correct alts for another rally.
Please like if this helps!
Trade closed: target reached:
BTC rallied hard to 7800 but it could not gain any buys back into the ascending channel, so this is could be just the beginning of a long downtrend. if it crosses 6.2, we can expect huge downtrend.