Descending triangle portraying lower highs and support is being tested multiple times @0.75173, meaning when support level is broken, a breakout may occur. Although there was a previous false breakout where support was broken and price retraced back up. If price does break again a SELL STOP trigger line is set @0.74374 for confirmation of downtrend.
My validation ...
Yellow = Buy zone
Green = Sell Targets
Red = Stop Loss
Tweezer bottoms (Green Box) - Reversal pattern
Falling wedge - Reversal pattern
Stochastic RSI low. Bull Cross
RVI - Need to break resistance to confirm continued momentum upward.
Smaller timeframes are overbought which should pull the price back within to buy range before continued upward action.
All indicators turned bullish one after another:
- TK crossover: 20th of Dec
- Kumo twist, price breaking into kumo: 25th of Dec
- Kumo breakout: 29th of Dec
- Chikou Span above price and cloud: 6th of Jan
6th of Jan marked a great long entry with all signs bullish. Price was 0.05874 then and currently it is 0.10946.
Ichimoku Kinko Hyo:
-Tenkan Sen just crossed Kijun Sen.
-Kumo Cloud is still Bullish
There are just 2 conditions left to see BTCUSD moving upwards (to a new ATH?): Chikou above the price 26 periods ago and the current price breaking up the cloud.
Wait for all these conditions to be met and we have a high probability of BTCUSD recovering from this correction.
Good morning traders,
Today I've been ask for this analysis, which I think is really interesting, because it presents the end of an outside return (maybe), and also a wall as support ( >> Kijun), but let's start form a Weekly chart so you can understand why I'm talking about the "end of an outside return".
>> Weekly Chart << ...
This morning I found very interesting this pair.
Let's start from a weekly chart, where I found a triple max ( >> where the arrows are), and a triple refuse from prices to break that level up.
So, today I'd like to look for a short entry, maybe up to the weekly Kijun (>> which could be our very first obstacle on this timeframe).
Let's go ...