BitcoinShort
Bitcoin is following my path this week, can Bulls break 10k?
Updated
Bitcoin US dollar 60 minute candles
BTCUSD has been following the path I drew in my analysis from three days ago. BTC managed to break out of the short term pennant / ascending yellow channel it has been trending in for the last couple of days. However I would not yet consider this break confirmed, until it manages to break 10,000 satoshi and push through the orange dashed October / November trend extrapolation.
If Bitcoin manages to break the orange dashed line it will most likely target 10,300, 10,800 and 11,600 short term. With enough momentum and Bullish willpower it might broaden its horizon towards 13,000.
If short term momentum shifts towards the bears though, it could retrace back to 9400, 9100 and even test the yellow ascending channel bottom again at 8800 for a break or bounce. Should that fail to hold it will test the January / February blue dashed channel border at around 8400.
You can view my still relevant zoomed out 6 hour candle chart here:
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
BTCUSD has been following the path I drew in my analysis from three days ago. BTC managed to break out of the short term pennant / ascending yellow channel it has been trending in for the last couple of days. However I would not yet consider this break confirmed, until it manages to break 10,000 satoshi and push through the orange dashed October / November trend extrapolation.
If Bitcoin manages to break the orange dashed line it will most likely target 10,300, 10,800 and 11,600 short term. With enough momentum and Bullish willpower it might broaden its horizon towards 13,000.
If short term momentum shifts towards the bears though, it could retrace back to 9400, 9100 and even test the yellow ascending channel bottom again at 8800 for a break or bounce. Should that fail to hold it will test the January / February blue dashed channel border at around 8400.
You can view my still relevant zoomed out 6 hour candle chart here:
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
Note
Bitcoin failed to break through my yellow dashed October / November trend extrapolation line at 9.9k/10k. It quickly retraced back into the yellow channel it has been trending in this week. For now it stopped retracing at my downward 9100 target, at the bright blue line I added to the graph. It might bounce back up from here to take another shot at 9.9/10k.
Though the (short term) indicators are pretty bearish right now, so it might as well break down toward the channel bottom at the 8800 target. Let's hope it will bounce from there though, if not it will continue towards the 8400 target which is the border of the January/February descending channel...
Note
Hey guys, I've posted a new Bitcoin analysis with chart update. Click here to check it out: 
Related publications
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.