BTC's movement for today is bull biased due to the following reasons:
1. MACD at H1 and H4 are both opening upwards.
2. Strong upward pressure as seen recent pump.
3. Price action follows an ascending channel.
I believe that we have to be cautious because BTC can drop anytime for the correction,most likely until the lowest part of the channel or it can be pretty low, maybe down to 8500-8400 level. Again, if it breaks $9300, we're looking at a strong uptrend of up to maybe 11kish USD.
Blue lines - uptrend channel
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Red and green arrows - possible directional movements
Price action can be a lot different from this post. Have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
1. MACD at H1 and H4 are both opening upwards.
2. Strong upward pressure as seen recent pump.
3. Price action follows an ascending channel.
I believe that we have to be cautious because BTC can drop anytime for the correction,most likely until the lowest part of the channel or it can be pretty low, maybe down to 8500-8400 level. Again, if it breaks $9300, we're looking at a strong uptrend of up to maybe 11kish USD.
Blue lines - uptrend channel
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Red and green arrows - possible directional movements
Price action can be a lot different from this post. Have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
Comment:
IT DID DROP FOR CORRECTION. :)