BTC broke the IH&S's neckline with volume and now it's testing the triangle's old support and the 0.382 fib retracement of the 9990 - 5755 move. A retest of the neckline or 7000 should be expected.
Note
Today's candle could trigger a small bull run. For now, today's change in price is higher than the highest change in prince in a day in the downtrend which is very good for a potential trend reversal. If we retest the neckline and it holds we should have a bullish month.Note
On the 4h time frame the RSI hasn't been so high since 12 oct 2017 and we are on a TD9 so the chances for a retrace are quite high.Note
The bulls need to defend the 0.236-0.382 area.
Note
On the weekly chart we bounced after a TD9 and we could see 1 to 4 weeks of upside. If this happens MACD could have a bullish crossover which for BTC is very profitable.
Note
If the retest of the neckline holds, the next zone where the price could change direction is between 7800 and 7900 where we have multiple resistances.Note
Note
Watch out for a possible bump and run reversal.
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.
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.