Simple brief of today.
Updated
This is brief summary of current BTC market condition. For detailed idea publication, I'm preparing for it. Sorry, it's been delayed due to my job.
Anyway, it is very important point with regard to the current short-term bearish trend.
In the attached graph, the bold red line means long-term bullish trend line, blue dotted lines are short-term bullish rally, orange colored bold dotted lines are wedge lines from the previous double top pattern at the beginning of March.
After hitting 6.5k support level several days ago, the rally is still continuing to go up, and broke 7.2k resistance level yesterday.
Although the price's decreased after failing to break 7.5k level, but it's still testing the short-term bullish trend.
So, what we have to look at carefully are,
1. The price should be supported above the yellow line, then it can be one point to enter for short term trade. The red box is important point.
2. As described in the previous posts, 7.6k resistance line should be broken soon.
3. The price is still below the 300 Days moving average line.
On the daily chart, BTC price is still under the 300 days moving average line. It means that it is still very risk point to trade.
If you are not a risk lover, I recommend you to wait until the price goes above that line.
I will update further detailed idea soon.
Thanks.
Anyway, it is very important point with regard to the current short-term bearish trend.
In the attached graph, the bold red line means long-term bullish trend line, blue dotted lines are short-term bullish rally, orange colored bold dotted lines are wedge lines from the previous double top pattern at the beginning of March.
After hitting 6.5k support level several days ago, the rally is still continuing to go up, and broke 7.2k resistance level yesterday.
Although the price's decreased after failing to break 7.5k level, but it's still testing the short-term bullish trend.
So, what we have to look at carefully are,
1. The price should be supported above the yellow line, then it can be one point to enter for short term trade. The red box is important point.
2. As described in the previous posts, 7.6k resistance line should be broken soon.
3. The price is still below the 300 Days moving average line.
On the daily chart, BTC price is still under the 300 days moving average line. It means that it is still very risk point to trade.
If you are not a risk lover, I recommend you to wait until the price goes above that line.
I will update further detailed idea soon.
Thanks.
Comment
The important support lines, 7.2k is broken, so the next support is 6.5k again.However, if it's supported at 7k level well, there will be some probability to go up again.
And emphasize again, it is not a good point to buy. Wait until it goes above 7.6k and be supported well.
Comment
The red box was broken, and if short-term support line of 7k works well, it can be little more favorable to go to next resistance level.
Comment
becomes more risky..
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