Hello everyone and welcome to this analysis on BTC.
On this analysis I will use the EMA crossing strategy on the daily chart.
Reminder on EMA crossing strategy:
-RSI under 70
-EMA 26 crosses EMA 52
-Low volume on MACD (optional)
- daily chart (for 12-17% gains)
-4 hours chart (for 4%-10% gains)
-1 hour chart (for 3%-6% gains)
Let's jump right into it. As you can see, the technical tool that I am using and has been rewarding to me is based on the EMA 52,26,12. A crossover of the EMA 52 and 26 is a sign of a beginning of a trend. In this case you can see that the EMA 26 has crossed the EMA 52, but has not yet started the breakout that we are here to catch.
Furthermore, BTC just broke out of the symmetrical triangle (drawn in blue) and has closed its daily candle above it which is a bullish indicator. To support the bullish momentum, you can see that BTC's price action has been bouncing off the edge of the ascending channel and now is trading in the middle of it. It is noteworthy to add that, BTC is ABOVE the EMA 52 which means that the we are likely to be in an upward momentum.
To confirm the potential run up, BTC will potentially touch the upper edge of the triangle to retest it before going to the upside.
A conservative approach would be to wait until BTC confirms that the upper edge of the triangle is indeed a newfound support.
An aggressive approach would be to enter at market now in order to avoid a potential breakout.
I do believe we will see a big price spike to the upside in the coming days. I would suggest to set your take profit at around 11.5K which represent the first strong resistance that we will be seeing.
Happy trading!
**This is my set up and I am sharing that with you for educational purpose. This isn't, in any case, financial advice.**
On this analysis I will use the EMA crossing strategy on the daily chart.
Reminder on EMA crossing strategy:
-RSI under 70
-EMA 26 crosses EMA 52
-Low volume on MACD (optional)
- daily chart (for 12-17% gains)
-4 hours chart (for 4%-10% gains)
-1 hour chart (for 3%-6% gains)
Let's jump right into it. As you can see, the technical tool that I am using and has been rewarding to me is based on the EMA 52,26,12. A crossover of the EMA 52 and 26 is a sign of a beginning of a trend. In this case you can see that the EMA 26 has crossed the EMA 52, but has not yet started the breakout that we are here to catch.
Furthermore, BTC just broke out of the symmetrical triangle (drawn in blue) and has closed its daily candle above it which is a bullish indicator. To support the bullish momentum, you can see that BTC's price action has been bouncing off the edge of the ascending channel and now is trading in the middle of it. It is noteworthy to add that, BTC is ABOVE the EMA 52 which means that the we are likely to be in an upward momentum.
To confirm the potential run up, BTC will potentially touch the upper edge of the triangle to retest it before going to the upside.
A conservative approach would be to wait until BTC confirms that the upper edge of the triangle is indeed a newfound support.
An aggressive approach would be to enter at market now in order to avoid a potential breakout.
I do believe we will see a big price spike to the upside in the coming days. I would suggest to set your take profit at around 11.5K which represent the first strong resistance that we will be seeing.
Happy trading!
**This is my set up and I am sharing that with you for educational purpose. This isn't, in any case, financial advice.**
Comment:
Bear trap