BTCUSD trendline is acting as key support for the Bull
Updated
BITCOIN
Recently reached the historical milestone and the market value has peaked never before and the hash rate of the bitcoin transaction was surpassed the previous value. After reaching the all time high which is around 42K some of the profit taking was happened on Monday and its felled almost 20% and managed to reach around 36K and the lower side of the trend line was acting as strong support for the bullish trend. Currently 34K was acting as key testing ground for both the bull/bear On lower timeframe we can see a dissimilar head and shoulder pattern which is a worrying sign for the bull .If the H&S pattern got validated here then we can expect further selling
of BTCUSD
In Elliot wave principal the 1-5 Major impulse waves has completed its moves and the Minor Elliot waves are forming we can expect the Next impulse wave formation after the completion of Minor wave 03.
The price was felled below the 50 Exponential moving average and 100 EMA is currently acting as support for the short term bearish correction and below that 200 EMA will act as strong support for the bull.
Ichimoku cloud is slowly turning in to red and we can expect short term fall back.
You can check the other indicators position in the below chart
Disclaimer!
Its not a financial advice
Give a thumps up if u found useful and share with your friends
Recently reached the historical milestone and the market value has peaked never before and the hash rate of the bitcoin transaction was surpassed the previous value. After reaching the all time high which is around 42K some of the profit taking was happened on Monday and its felled almost 20% and managed to reach around 36K and the lower side of the trend line was acting as strong support for the bullish trend. Currently 34K was acting as key testing ground for both the bull/bear On lower timeframe we can see a dissimilar head and shoulder pattern which is a worrying sign for the bull .If the H&S pattern got validated here then we can expect further selling
of BTCUSD
In Elliot wave principal the 1-5 Major impulse waves has completed its moves and the Minor Elliot waves are forming we can expect the Next impulse wave formation after the completion of Minor wave 03.
The price was felled below the 50 Exponential moving average and 100 EMA is currently acting as support for the short term bearish correction and below that 200 EMA will act as strong support for the bull.
Ichimoku cloud is slowly turning in to red and we can expect short term fall back.
You can check the other indicators position in the below chart
Disclaimer!
Its not a financial advice
Give a thumps up if u found useful and share with your friends
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BTCUSD is in uptrend
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