Bitcoin daily chart analysis
Updated
Hello,
The 128 day MA has been resistance since mid september and is now coinciding with the base of the "small" ascending triangle.
It BTC breaks this point, it might have a breakout until the 200 day MA, wich coincides with the expected triangle breakout increase.
On the TD sequential, a green 4 went above a green 3, indicating the top of the green 3 candle as the entry point to a trade. If it makes the breakout we will likely go to a green 9, completing the setup fase.
In this scenario I think that the 200 day MA will act as a heavy resistence, the RSI will also probably be overbought or close to it and the green 9 would indicate an exit from the trade.
After that we would have to see if it would fall inside the "big" triangle again or if the diagonal line would act as support.
Best regards,
Alexandre Simões
The 128 day MA has been resistance since mid september and is now coinciding with the base of the "small" ascending triangle.
It BTC breaks this point, it might have a breakout until the 200 day MA, wich coincides with the expected triangle breakout increase.
On the TD sequential, a green 4 went above a green 3, indicating the top of the green 3 candle as the entry point to a trade. If it makes the breakout we will likely go to a green 9, completing the setup fase.
In this scenario I think that the 200 day MA will act as a heavy resistence, the RSI will also probably be overbought or close to it and the green 9 would indicate an exit from the trade.
After that we would have to see if it would fall inside the "big" triangle again or if the diagonal line would act as support.
Best regards,
Alexandre Simões
Comment
The diagonal line of the asceding triangle is still holding the price. Let's see what happens until the end of the week.Best regards,
Alexandre Simões
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