Hello Cryptonutters,
Nice close for the daily today with BTC rising nearly $200 and holding. BTC is currently in a upwards channel on the higher hourly timeframes. The upper band of the channel has been breached and as you can see will now act as support at the $6700. From a technical view the action will start as it heads to $6800 which is a very strong resistance point. There is a huge confluence area which is the point of resistance factored in from the previous $6000s lows and is the exact spot at which the infamous Bitmex maintenance pump stopped and the long term trend from the ATH in red.The ETF rejections were already priced in when the decision was released so it had little or no impact. The data is also clearly showing that a base has formed around the $6000 mark and has held all year. Is that THE bottom? Well, that is a possibility because BTC has been forming higher highs and higher lows since the big drop from $8500. Only a fall below $6250 would invalidate that now. The point at which BTC will pretty much confirm a bull reversal is a clean break through the red resistance line. If it is rejected then support will fall back to the $6400s. So it is starting to look like a fall under $6000 is going to be very difficult and unlikely but not impossible. Sorry to the bears but I cannot see it ever getting much bellow $5700, simply because there will not be anyone out there willing to sell their valuable BTC for less than that. So the people holding USD/USDT are slightly disadvantaged at the moment IMO. Also in the mix is the BTC shorts. The BTC shorts are in overbought areas near ATH and moving in a rising wedge with the apex also projected at the $7000, until much anticipated short squeeze. So in summary watch for the $7000 mark where it is make or break for BTC.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
Nice close for the daily today with BTC rising nearly $200 and holding. BTC is currently in a upwards channel on the higher hourly timeframes. The upper band of the channel has been breached and as you can see will now act as support at the $6700. From a technical view the action will start as it heads to $6800 which is a very strong resistance point. There is a huge confluence area which is the point of resistance factored in from the previous $6000s lows and is the exact spot at which the infamous Bitmex maintenance pump stopped and the long term trend from the ATH in red.The ETF rejections were already priced in when the decision was released so it had little or no impact. The data is also clearly showing that a base has formed around the $6000 mark and has held all year. Is that THE bottom? Well, that is a possibility because BTC has been forming higher highs and higher lows since the big drop from $8500. Only a fall below $6250 would invalidate that now. The point at which BTC will pretty much confirm a bull reversal is a clean break through the red resistance line. If it is rejected then support will fall back to the $6400s. So it is starting to look like a fall under $6000 is going to be very difficult and unlikely but not impossible. Sorry to the bears but I cannot see it ever getting much bellow $5700, simply because there will not be anyone out there willing to sell their valuable BTC for less than that. So the people holding USD/USDT are slightly disadvantaged at the moment IMO. Also in the mix is the BTC shorts. The BTC shorts are in overbought areas near ATH and moving in a rising wedge with the apex also projected at the $7000, until much anticipated short squeeze. So in summary watch for the $7000 mark where it is make or break for BTC.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
Comment:
The BTC shorts are in the rising wedge and the closer a squeeze is to the apex the more violent the move.
Comment:
Comment:
It looks like it could be one more leg up the the ATH dash yellow line and then .........POW!