The Bitcoin has touched the key trendline in third time since December 2017.
Facts
1. There is a descending channel (blue).
2. There is an ascending channel (orange).
3. They has formed a triangle.
4. The price stucks to the upper edge of the triangle and tries to rise all this month (for the third time in two years, check out July 2019 and February 2020).
5. If you divide the triangle in half (middle_line), you'll see how the upper part (orange) is filled with the price movements and how empty the lower part (blue) is.
6. On the volume profile (vpvr indicator) you can see a volume gap between $4,000-6,000.
And what?
1. If the Bitcoin can hold above the upper edge of the triangle, this will mean a strong bullish signal. The potential is to go up to the middle of the ascending channel ($13,000-14,000), which is a gateway for a new bullish trend.
2. Typically, the price fills gaps, including volume gaps.
3. A bearish divergence (blue line) is forming on the slow MACD (but hasn't formed yet). Check out two strong bullish divergences (orange lines), which have already pushed up the price twice.
4. It's still more expected that the price drops and consolidates in the range of $5,000-7,000 (the lower part of the triangle), from where it would be much easier to break out to a new heights.
By the way
It's not a good idea to make assumptions and guessing the movement. You should see possibilities. The risk to reward ratio is much better for bears than for bulls. Look for a bullish sign on slow TFs (1-3-5 days or a weekly chart) and wait for the candle closes above the current critical downtrend.
Not a trading recommendation.
PM me for requests of TA (free).
Like if useful.
Subscribe.
Be healthy.
Facts
1. There is a descending channel (blue).
2. There is an ascending channel (orange).
3. They has formed a triangle.
4. The price stucks to the upper edge of the triangle and tries to rise all this month (for the third time in two years, check out July 2019 and February 2020).
5. If you divide the triangle in half (middle_line), you'll see how the upper part (orange) is filled with the price movements and how empty the lower part (blue) is.
6. On the volume profile (vpvr indicator) you can see a volume gap between $4,000-6,000.
And what?
1. If the Bitcoin can hold above the upper edge of the triangle, this will mean a strong bullish signal. The potential is to go up to the middle of the ascending channel ($13,000-14,000), which is a gateway for a new bullish trend.
2. Typically, the price fills gaps, including volume gaps.
3. A bearish divergence (blue line) is forming on the slow MACD (but hasn't formed yet). Check out two strong bullish divergences (orange lines), which have already pushed up the price twice.
4. It's still more expected that the price drops and consolidates in the range of $5,000-7,000 (the lower part of the triangle), from where it would be much easier to break out to a new heights.
By the way
It's not a good idea to make assumptions and guessing the movement. You should see possibilities. The risk to reward ratio is much better for bears than for bulls. Look for a bullish sign on slow TFs (1-3-5 days or a weekly chart) and wait for the candle closes above the current critical downtrend.
Not a trading recommendation.
PM me for requests of TA (free).
Like if useful.
Subscribe.
Be healthy.
