CryptoCap - BTC - Bitcoin Idea II
Updated
hey guys,
the yearly chart is bullish - main target was the recent ATH at 1.3T.
Quarterly Chart: After the break of the 1.3T Line theres a close below it
-> leaving a bit of doubt about imminent bullish progression or a potential double top forming here. The Inside bar is giving a warning of a possible reversal.
Monthly Chart: Although the demand Line is still intact there is a little divergence on the stochastic
-> there is weakness of 3 months not being able to penetrate highs - but going into a Consolidation.
-> BTC is testing a bullish trendline which, ones it has been broken by a close of the monthly candle, could provide a bearish setup and a possible double top scenario being in place.
I will wait for a break of the Consolidation to think about entering a trade.
Thanks for reading…
the yearly chart is bullish - main target was the recent ATH at 1.3T.
Quarterly Chart: After the break of the 1.3T Line theres a close below it
-> leaving a bit of doubt about imminent bullish progression or a potential double top forming here. The Inside bar is giving a warning of a possible reversal.
Monthly Chart: Although the demand Line is still intact there is a little divergence on the stochastic
-> there is weakness of 3 months not being able to penetrate highs - but going into a Consolidation.
-> BTC is testing a bullish trendline which, ones it has been broken by a close of the monthly candle, could provide a bearish setup and a possible double top scenario being in place.
I will wait for a break of the Consolidation to think about entering a trade.
Thanks for reading…
Note
good place to close bullish trades as I expect a retest of 1.2T
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