HELLO ALL AND GOOD MORNING TO EVERYONE.
In the last update it was discussed that BTC - contrary to popular opinion - is now most likely in a rising channel and not a rising triangle.
On the 1D chart directly above we have the 0.5 Fibonacci retrace level at $7,190 as well as the 55D EMA at $7,315. These levels will prove to be very strong resistance levels for BTC moving forward.
On the 1W chart we have a classic bearish retrace after a major move to the downside. Rising price with declining volume up to common Fibonacci levels. Currently directly underneath the 0.5 level and possibly looking to hit the 0.618 - golden retrace zone.
The monthly chart is showing us that BTC is now hitting resistance at a previous support level. The bottom of the candle body from this past December just so happens to be our 0.5 Fibonacci level.
WHY CURRENT PRICE ACTION IS NOT A RISING TRIANGLE.
Why we will most likely be rejected at $7,350.
Sometimes our personal bias makes us see something that we want to see. We pick out a pattern that best fits our motives.
NOT TRADE OR FINANCIAL ADVICE.
In the last update it was discussed that BTC - contrary to popular opinion - is now most likely in a rising channel and not a rising triangle.
On the 1D chart directly above we have the 0.5 Fibonacci retrace level at $7,190 as well as the 55D EMA at $7,315. These levels will prove to be very strong resistance levels for BTC moving forward.
On the 1W chart we have a classic bearish retrace after a major move to the downside. Rising price with declining volume up to common Fibonacci levels. Currently directly underneath the 0.5 level and possibly looking to hit the 0.618 - golden retrace zone.
The monthly chart is showing us that BTC is now hitting resistance at a previous support level. The bottom of the candle body from this past December just so happens to be our 0.5 Fibonacci level.
WHY CURRENT PRICE ACTION IS NOT A RISING TRIANGLE.
Why we will most likely be rejected at $7,350.
Sometimes our personal bias makes us see something that we want to see. We pick out a pattern that best fits our motives.
NOT TRADE OR FINANCIAL ADVICE.
Note
BTC has broken and is now holding above the 55D EMA! We could potentially see this rising channel break up if the recent $7,460 high point is broken. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.