Bitcoin wants to make a jump
Updated
There is a visible Wedge pattern on BTC.
Obviously, the pattern is only confirmed when it brakes out. So no trades please based on this picture. Only if you know what you are doing.
Break ob 9900 on the upside would bring bullish pressure and a possible retest of 11780.
This analysis is here in case it breaks 9900.
If that happens in a short amount of time (until Monday/Tuesday), a divergence on RSI will complete and will be bullish. A pennant on OBV also...
Currently, it is also important to note that volume is dying down. Can we expect a break below 9400?
What I am saying is this.
1) Technically currently we have a great setup for BTC to plummet. Today it also violated highs from 4th of February around 9.400. It only violated so far! We can't yet say any candle closed bellow though - no confirmation yet. I prefer it does plummet, it would bring a very good technical setup afterward and probably some great upcoming trades.
2) But there are currently short-term growing signs, that it wants to make a correction upwards.
So the levels to watch are : bellow 9260 immediate further plummet. Above 9900 strong short-term gains.
For aggressive approach, you can watch the price on shorter term charts and if it forms a double bottom, your risk would be very limited.
Obviously, the pattern is only confirmed when it brakes out. So no trades please based on this picture. Only if you know what you are doing.
Break ob 9900 on the upside would bring bullish pressure and a possible retest of 11780.
This analysis is here in case it breaks 9900.
If that happens in a short amount of time (until Monday/Tuesday), a divergence on RSI will complete and will be bullish. A pennant on OBV also...
Currently, it is also important to note that volume is dying down. Can we expect a break below 9400?
What I am saying is this.
1) Technically currently we have a great setup for BTC to plummet. Today it also violated highs from 4th of February around 9.400. It only violated so far! We can't yet say any candle closed bellow though - no confirmation yet. I prefer it does plummet, it would bring a very good technical setup afterward and probably some great upcoming trades.
2) But there are currently short-term growing signs, that it wants to make a correction upwards.
So the levels to watch are : bellow 9260 immediate further plummet. Above 9900 strong short-term gains.
For aggressive approach, you can watch the price on shorter term charts and if it forms a double bottom, your risk would be very limited.
Note
Champagne anyone?Played out very nice !!!
Congrats.
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