BTC at the edge of volatility - will we break it upwards?
Hi and welcome to my brief analysis of BTC movement.
We've been locked in embrace of consolidation for over a month now, and things are currently not looking really promising for any direction if you ask me... still we can read the chart and try to predict the next best move.
First thing I notice here is the narrowness on MACD. Usually we're on either side of it, be it below for bearish or above the middle point for bullish... we're below the middle line right now, which could tell us we're in a bearish stream of events, but the thing is so tight even superman can't penetrate it with his steel... vision :D
Daily EMAs tells us we're still at somewhat bullish movement as price is moving above 100 and 200 EMA. But the 50 EMA is already here acting more as resistance than support - which is not a good sign. It's located just at 9200 level which BTC bulls need to conquer in order to continue moving upwards.
Another obstacle here is Ichimoku cloud, moving right above us - telling us we're in bearish mode. But a small break out can quickly move us into the cloud and then away we go!
Important factor is the candle formation in last month - consolidation became tighter and tighter, we're nearing the perfect peak of our slightly descending triangle and this looks like a perfect opportunity for a massive break out upwards.
Something is gonna happen in next two days... I can feel it, as I can see it - putting Bollinger bands on the chart, you can see that they are tight as super skinny jeans on a fat butt.
Personally, I'm cheering for a break downward... but BTC has never listened to my prayers before, so be ready with that buy-in, cause major FOMO is in front of us!
(There's also that nice Fibb 0.786 holding us up... together with 100 EMA will stand strongly).
Cheers!
We've been locked in embrace of consolidation for over a month now, and things are currently not looking really promising for any direction if you ask me... still we can read the chart and try to predict the next best move.
First thing I notice here is the narrowness on MACD. Usually we're on either side of it, be it below for bearish or above the middle point for bullish... we're below the middle line right now, which could tell us we're in a bearish stream of events, but the thing is so tight even superman can't penetrate it with his steel... vision :D
Daily EMAs tells us we're still at somewhat bullish movement as price is moving above 100 and 200 EMA. But the 50 EMA is already here acting more as resistance than support - which is not a good sign. It's located just at 9200 level which BTC bulls need to conquer in order to continue moving upwards.
Another obstacle here is Ichimoku cloud, moving right above us - telling us we're in bearish mode. But a small break out can quickly move us into the cloud and then away we go!
Important factor is the candle formation in last month - consolidation became tighter and tighter, we're nearing the perfect peak of our slightly descending triangle and this looks like a perfect opportunity for a massive break out upwards.
Something is gonna happen in next two days... I can feel it, as I can see it - putting Bollinger bands on the chart, you can see that they are tight as super skinny jeans on a fat butt.
Personally, I'm cheering for a break downward... but BTC has never listened to my prayers before, so be ready with that buy-in, cause major FOMO is in front of us!
(There's also that nice Fibb 0.786 holding us up... together with 100 EMA will stand strongly).
Cheers!