I believe the next 24h will give a clear indicator of the next trend.
We currently experience a small-sell off NOT a dump.
In the next 24h we will determine a clear trend from the charts and indicators. The question :
Will BTC continue upwards and retest heavy resistance $13900 or will the bears kick in and take us back to $12800?
In my opinion, from the charts and indicators, BTC has everything it needs to get back to $13800 within the next 2 days. If this happens, we are going al the way up to $14000.
It will take a serious blow to reverse our current strong bullish trend. (However, bitcoin is bitcoin and this is not impossible on a fundamental level).
Why I am Bullish on the chart:
- High volatility and momentum
- BTC trading above SMA 20-100
- RSI holding steady above 50
- Looking at MACD from early September, shorts are lasting only up to 5 days until buy power kicks in, lasting more days showing that the buyers have been driving the price steadily
Important to note: if BTC continues and retests $13900 and FAILS AGAIN, then I will short. 3 times failed retest is usually bad news as seen in the past.
Hit like if you found this helpful
Thanks, Ev
We currently experience a small-sell off NOT a dump.
In the next 24h we will determine a clear trend from the charts and indicators. The question :
Will BTC continue upwards and retest heavy resistance $13900 or will the bears kick in and take us back to $12800?
In my opinion, from the charts and indicators, BTC has everything it needs to get back to $13800 within the next 2 days. If this happens, we are going al the way up to $14000.
It will take a serious blow to reverse our current strong bullish trend. (However, bitcoin is bitcoin and this is not impossible on a fundamental level).
Why I am Bullish on the chart:
- High volatility and momentum
- BTC trading above SMA 20-100
- RSI holding steady above 50
- Looking at MACD from early September, shorts are lasting only up to 5 days until buy power kicks in, lasting more days showing that the buyers have been driving the price steadily
Important to note: if BTC continues and retests $13900 and FAILS AGAIN, then I will short. 3 times failed retest is usually bad news as seen in the past.
Hit like if you found this helpful
Thanks, Ev
Trade active
Trend confirmed: The next 2 pips turned out to be strong bull signals. Price as of now $13700. No reason to suspect we are slowing down, we are going up next stop will be between $13800 and $13900. A key resistance level and important to monitor the outcome. The crossing on the MACD chart will be right on time, some time today 31 Oct. RSI line is heading up as well. Happy trading !
Trade closed: target reached
BTCUSD cracked it ! $13850. I'm taking profit on this level. This is a very important level and to hold if we eye $14000 and beyond. A minor pullback might be expected, some investors will take profit now because of the previous failed breakout, but if this level holds next week we will see $14000 and possibly beyond.
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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.