Choppy But Still Bullish
After the overnight flash crash of February 20th, the market has become extremely choppy. In the post day of the crash, we have moved mostly between ~9,500 and ~9,700 when at the same time, the trading volume has stagnated. Nevertheless, I believe BTCUSD is still bullish and these are all pre-indications for the next upward move...
After bottoming in December 2019, BTCUSD started moving up and it started forming a bullish daily channel by the end of January. The lower and upper boundaries of this channel are now fully established and they are shown in purple on the chart. Even though the flash crash was dramatic, the price was able to hold above the ~9,470 support level. Being supported on this critical price level, it shortly returned back into the channel. I think these are all indications of breaking out of the bearish fib channel established back in 2017. While we have strong bullish momentum in the weekly time frame, it is noteworthy to mention that momentum is bearish on the daily chart.
As of now, I have attempted multiple times to go long, but despite tight stops, I have been thrown out of the market. So, I have no ongoing positions in BTCUSD, but I will go long if the opportunity arises. By the way, if you found this analysis helpful, please consider supporting the page.
Stay tuned for updates....
After bottoming in December 2019, BTCUSD started moving up and it started forming a bullish daily channel by the end of January. The lower and upper boundaries of this channel are now fully established and they are shown in purple on the chart. Even though the flash crash was dramatic, the price was able to hold above the ~9,470 support level. Being supported on this critical price level, it shortly returned back into the channel. I think these are all indications of breaking out of the bearish fib channel established back in 2017. While we have strong bullish momentum in the weekly time frame, it is noteworthy to mention that momentum is bearish on the daily chart.
As of now, I have attempted multiple times to go long, but despite tight stops, I have been thrown out of the market. So, I have no ongoing positions in BTCUSD, but I will go long if the opportunity arises. By the way, if you found this analysis helpful, please consider supporting the page.
Stay tuned for updates....
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