Bitcoin price looks settled following todays Breakout
BTCUSD_2024-08-09_00-06-51_87596.png
As per my last post on Bitcoin which showed Bitcoin's strength in breaking out to the upside today from recent zones, this breakout occurred when Bitcoin was looking very bearish with D Tops across most timeframes. Be aware of a massive cup and handle formation on the weekly chart.
The chart here displays Bitcoins healthy price action as it settles in a rising wedge across 1hr, 2hr and 4hr timeframes.
We won't see these low prices again for a long time is my feeling. The interest rate reduction in the USA is practically in the bag for September and we are ever so close. Also today pleasing figures in unemployment assistance in the USA.
Going forwards to the September I am holding contracts in Silver but I have sold out of Gold as I see much more upside in Silver and potentially even more in Bitcoin. Buy the dips in small parcels that your margin can afford and safe and happy trading to everyone.
As per my last post on Bitcoin which showed Bitcoin's strength in breaking out to the upside today from recent zones, this breakout occurred when Bitcoin was looking very bearish with D Tops across most timeframes. Be aware of a massive cup and handle formation on the weekly chart.
The chart here displays Bitcoins healthy price action as it settles in a rising wedge across 1hr, 2hr and 4hr timeframes.
We won't see these low prices again for a long time is my feeling. The interest rate reduction in the USA is practically in the bag for September and we are ever so close. Also today pleasing figures in unemployment assistance in the USA.
Going forwards to the September I am holding contracts in Silver but I have sold out of Gold as I see much more upside in Silver and potentially even more in Bitcoin. Buy the dips in small parcels that your margin can afford and safe and happy trading to everyone.
Note
Since time of writing BTC USD is up 9.73% as I start in the Asian session. Hopefully you caught the trade.
(**** I could see it's strength just before the New York session when it crossed up multiple Double Tops***)
Note
BTCUSD has been falling in trading during the past 12 hours down around 4.45% at time of writing, mostly due to an M-TOP which is evident on the 4 hour time-frame. In Australian trading currently (my location), US Futures look reasonable, mid-way through the Asian session Monday 12th August US30 & US2000 are up +0.12% & 0.15% respectively.
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