Hello crypto nerds and nerdettes
Please give a thumbs up and leave a comment below if any questions on this chart...
1st of February today so a quick review on BTCUSD.
Firstly we have some clear trend lines from the price action from the last few weeks supporting a trend upwards and resistance from a longer period pre '22 starting to get tested in the last hours of trading today.
Still, a long way to go, but steady climbs will help the whole market increase again but still lots of pressure from the bears and big money wanting cheaper bitcoin
So basically if we break upside of the pennant, expect some nice movements up towards 40k+ and then bulls will want to create some new strong support levels, ideally over $46k will get the ball rolling towards another test of the highs of last year
Indicators show bullish action but some divergence could come into play, some longs just placed but not a huge amount, kinda going into overbought area's right now.
February has a great record with these markets with great ROI and positive signals that could possibly play again here but past performance will never guarantee future outcomes
Please give a thumbs up and leave a comment below if any questions on this chart...
1st of February today so a quick review on BTCUSD.
Firstly we have some clear trend lines from the price action from the last few weeks supporting a trend upwards and resistance from a longer period pre '22 starting to get tested in the last hours of trading today.
Still, a long way to go, but steady climbs will help the whole market increase again but still lots of pressure from the bears and big money wanting cheaper bitcoin
So basically if we break upside of the pennant, expect some nice movements up towards 40k+ and then bulls will want to create some new strong support levels, ideally over $46k will get the ball rolling towards another test of the highs of last year
Indicators show bullish action but some divergence could come into play, some longs just placed but not a huge amount, kinda going into overbought area's right now.
February has a great record with these markets with great ROI and positive signals that could possibly play again here but past performance will never guarantee future outcomes
Trade active:
daily chart for less myopic view on things
Trade active:
might be a bit early but we broke the down trend, needs to hold now...
Trade active:
BIG whipsaws over the last 48 hrs, great for a day trader if u can get the sweet spots!
Anyhow, while upside of that uptrend channel the price was extremely bullish but always going up to fast IMO, some margin plays cause the rapid movements and now we're back in the channel but not out of the woods, selling pressure brought us down to the current support level and ideally i'd like to see this hold for futher gains into the weekend and beyond
BIG whipsaws over the last 48 hrs, great for a day trader if u can get the sweet spots!
Anyhow, while upside of that uptrend channel the price was extremely bullish but always going up to fast IMO, some margin plays cause the rapid movements and now we're back in the channel but not out of the woods, selling pressure brought us down to the current support level and ideally i'd like to see this hold for futher gains into the weekend and beyond
