BTC - A Brave New World?
Updated
BTC just reached a relevant point, that pink line, which served as resistance in the past, and now the bulls seems to be struggling a little here. That’s ok, it still is a bull trend, but if BTC must experience a pullback, now it’s a good time for it. I wish I could buy it again after a pullback, but I don’t know if that’s going to happen any time soon. We were long from U$ 7k to U$ 9.2k. If you missed our last trade here, check the link bellow and follow me to keep updated.
I’ll confess that I didn’t take this price zone as relevant at all, I thought BTC would go straight up to U$ 10.5k, but I was wrong. The question is how strong that pink line could be? We can investigate a little better using the hourly chart:
The price did a breakout and now is trading above the ascending channel, and what’s even more impressive is that it found support at the superior part of the channel, along with the 21 ema, which is outstanding, it happens only when the trend is very strong.
But we see that BTC still has to surpass the pink line, because if it didn’t, the market can interpret as something like a double top in the hourly chart, and the pullback can be sharp.
Now, let’s see the weekly chart:
BTC is breaking free from a descending channel that haunts us for almost a year now, and the raise in volume is exciting. Now, let’s see if the bulls will keep their strength, and if that's the case, will be a brave new world for BTC.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
I’ll confess that I didn’t take this price zone as relevant at all, I thought BTC would go straight up to U$ 10.5k, but I was wrong. The question is how strong that pink line could be? We can investigate a little better using the hourly chart:
The price did a breakout and now is trading above the ascending channel, and what’s even more impressive is that it found support at the superior part of the channel, along with the 21 ema, which is outstanding, it happens only when the trend is very strong.
But we see that BTC still has to surpass the pink line, because if it didn’t, the market can interpret as something like a double top in the hourly chart, and the pullback can be sharp.
Now, let’s see the weekly chart:
BTC is breaking free from a descending channel that haunts us for almost a year now, and the raise in volume is exciting. Now, let’s see if the bulls will keep their strength, and if that's the case, will be a brave new world for BTC.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Trade active
Hello guys! I'll enjoy my free time now to do a quick update here. I usually don’t do analyses during weekend, but I don’t want to wait until Monday to talk about the market.BTC did exactly what we said it shouldn’t do and failed in surpassing the pink line and it did a double top, as we though. I don’t like to short it right away, so I waited for the pivot. But I’m only shorting because I have positions in LTC and ETH, so it’s just a hedge. I’m not winning here, and it’s the first time I do that, so I don’t know what to expect, because I’m betting in the correlation BTC has with other cryptos. I’ll tell how it worked out later.
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