BitcoinUpdated BTCUSD to 3600 and beyond
So my previous H&S idea was rejected and that's good because Bitcoin could most likely reach higher highs from now on.
Segwit has activated and that led to the buying demand that occurred today.
But first, we have to pass through the supply zone above 2,500.
Segwit has activated and that led to the buying demand that occurred today.
But first, we have to pass through the supply zone above 2,500.
Note
Last 3 candlesticks don't bode well for me. We need to watch out for price action at the current hour. Note
BTC is on the move!Note
Note
Strong demand in the last 4 candlesticksNote
RSI looks pretty cool. Moving back to RSI supportNote
We have 2 paths here. 1. Go to 3,600 which is possible since RSI is itching to be overbought
2. If BTC couldn't break the supply zone above 3,400 then it could retrace back to the uptrend support before another move up.
Once up, 3,600 is the resistance. As to where it will go after it reaches that point, who knows? But I'd rather rely on price action. Watch on how price reacts at 3,600.
Note
Looks like we're going for path 2. Uptrend slope is broken.Note
If it breaks the resistance (yellow dotted line), then we could retest 2,400 and above.If it breaks below the support line (orange line), then we could go lower. Most likely, it it could revisit the area with the long wicks.
Note
Inverted head & shoulders? It's usually a bullish sign when that pattern forms. But we shall see.Let's test the area between 2,400 - 2,500 first before confirming this pattern.
Note
we're staying quite nicely near the top of the supply zone. Sell wall at 2,500 is 390 BTC which is huge but as long we stay a bit longer at the current zone then we can eat this wall up.
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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.