BTCUSD Long - Short-Term Bullish
Updated
BTCUSD Long -
As US equities enter a 3 day weekend, Bitcoin continues to consolidate in a historical support zone looking to possibly run-up and retest the 20.9K area. Bullish divergences on two of your oscillators on the 12h timeframe with a target at the 23.6% retrace/top of descending channel. Besides that though, Bitcoin simply isn't really showing the needed strength or momentum for a strong reversal to the upside, and considering the obvious macro, tread long setups with caution (until some things change). Then again, these markets lost like 50% of its value in the last 50 days, so it's true that it's overcooked, so don't be surprised if Bitcoin all of a sudden rally even higher than my target here.
As US equities enter a 3 day weekend, Bitcoin continues to consolidate in a historical support zone looking to possibly run-up and retest the 20.9K area. Bullish divergences on two of your oscillators on the 12h timeframe with a target at the 23.6% retrace/top of descending channel. Besides that though, Bitcoin simply isn't really showing the needed strength or momentum for a strong reversal to the upside, and considering the obvious macro, tread long setups with caution (until some things change). Then again, these markets lost like 50% of its value in the last 50 days, so it's true that it's overcooked, so don't be surprised if Bitcoin all of a sudden rally even higher than my target here.
Trade closed: target reached
💥 Target hit! - We are at the top of the descending channel but BTC keeps on catching follow through with one bullish engulfing after another. Will be waiting and watching closely to see what kind of follow through we get at the top of this channel before taking any actionable setup.and yes I'm aware of the botched harmonic.
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.