Bitcoin recently brokeout of the pennant chart pattern as expected. It looks like the market is printing an ascending channel and price bounced off the channel resistance. Price is currently experiencing retracement to the horizontal flip support + channel support + fib retracement levels. Bounce off the channel support would be a good bullish signal↗️.
Price has tested a monthly level and was rejected, Price pulled back to retest the level and is now falling
You can wait for price to break the wedge or enter now and just wait for the drop to one of the fibo levels
The over all trend of this pair is about to change and its consistently testing the trend line
We are currently in an area of interest where sellers usually take control and push price lower
Wait for correction to be broken before shorting
We can clearly see by looking at the chart what happens when price breaks this level of support
I am expecting the same thing to happen again, there is enough divergence on the lower timeframes to confirm a change in trend is coming as well as knowing that the USD is falling all over the place... this will bomb very soon
Although I personally do not trade Bitcoin but I keep a keen interest and follow the market closeley for my client. As you can see there are two descending trendline on BTC. Top one is of course the major one and next one also a strong one which is actually a descending trendline within another descending trendline. That makes the chart even more...
Bitcoin seems to please its investor as the halving approaches.. On the daily chart of #BTCUSD, important points draw attention..
First of all; Bitcoin is in overbought position on the daily chart .. Stoch RSI and RSI are at the overbought level, also the coppock curve has been at such a high level for the first time in a long time.. Although there is no clear...
We have filled the CME gap around the $8500 area, as you can see the lower trendline in red supports this theory. The pullback must be over, you can enter now with a tight stop loss somewhere below the lower trendline. I will be staying in this long position for a large amount of time. The volume oscillator shows me that sell (short) volume has decreased, I will...
Bitcoin is showing some bearish momentum with potential to move down to $7128. If price does move to this price point, we may see price even trade lower after a retracement.
SL - 8118.16
TP 1- 7128.57
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