BTCUSD - Is the bull-rally over or just the beginning?
Updated
Hello traders, investors and community. Today i am analysing BTCUSD and what will probably happen next. In my chart we are looking on the daily price of BTCUSD. In my chart you can see the huge suppy zone right where we got rejected the last days on june 26th. This is a critical zone because we have supply there from the bear-market 2018, you see the BTCUSD price has just marked some upthrust over the 11800 - 14000 level and got rejected in the supply zone, this is because traders taking profit and more important investors who held BTC from old days leaving the market. In my chart you can see this dashed dark blue trend line, this is an important area for BTCUSD because we have temporary support here. When we cross the blue trend line in this are which you can see on my chart the next target will be the second large blue trendline and the support zone in green which you can see on my chart. We have also good support there provided from the high 9900, you can see it at the dashed light blue trend line.
My expectation is that BTCUSD gets some upthrust back in the supply area where it will be rejected by the huge supply lying in this area. When we come back to this area i will open a short position there at 13000 - 13700 with targets at 9500 - 9000. This is a good oportunity to trade the upcoming turbolences.
Also looking on the RSI provided in my chart you can see that the RSI reached a critical level at overbought conditions, there is also a bearish divergence which makes the probability higher we are facing pull-backs in the future.
Practically speaking the bull-rally can not be over, there are just some turbolences coming the next days! After the pull-back from the support zone we have to see if BTCUSD makes a comeback and is going to form new highs or if it fails. I am optimistic that we can easily reach new highs after the pull-back, but it is always better to keep the other possibilities in mind until then i will trade this market on the SHORT side.
Have a great day! I hope you enjoyed my analysis! This is only educational information and should not be used to take action in the markets!
Will be back analysing crypto, forex, stocks! Peace and love to everybody!
My expectation is that BTCUSD gets some upthrust back in the supply area where it will be rejected by the huge supply lying in this area. When we come back to this area i will open a short position there at 13000 - 13700 with targets at 9500 - 9000. This is a good oportunity to trade the upcoming turbolences.
Also looking on the RSI provided in my chart you can see that the RSI reached a critical level at overbought conditions, there is also a bearish divergence which makes the probability higher we are facing pull-backs in the future.
Practically speaking the bull-rally can not be over, there are just some turbolences coming the next days! After the pull-back from the support zone we have to see if BTCUSD makes a comeback and is going to form new highs or if it fails. I am optimistic that we can easily reach new highs after the pull-back, but it is always better to keep the other possibilities in mind until then i will trade this market on the SHORT side.
Have a great day! I hope you enjoyed my analysis! This is only educational information and should not be used to take action in the markets!
Will be back analysing crypto, forex, stocks! Peace and love to everybody!
Trade active
Note
BTCUSD trades in support zone as you can see in my chart.Note
ANALYSIS UPDATE: BITCOIN formed the increased supply dynamics that triggered the huge central bearish pullbacks.Since BITCOIN pulled back from the upper supply zone it broke out below the main support levels till it finally reached support from where to reverse.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
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.