Long

Farewell Generational Bottom #BTC $BTCUSD

Monthly
More than half way through the month of May, and our highest timeframe showing BTC is in uptrend. Starting on April 2017, with a 2nd bounce in January 2019, and finally a 3rd test in March 2020. Stochastic RSI showing bearish momentum is slowing down, let’s not forget indicators rely on price to get their data so we may already be in a bull market. The month of April left a bullish engulfing, and a close above $7,500 (major resistance) with no signs of slowing down. Things are about to get interesting really fast…$14,000….$16,000…..$20,000….xxx,xxx

Weekly
Shifting over to our pattern timeframe we can see BTC is in a strong minor uptrend starting from $5,000 up to $10,000 with no signs of reversing. BTC has tried to close above $10,000 (3x) this month alone, although we may not being seeing a close above $10,000 this month we most likely will be seeing one in the near future. A weekly close above $9,700 is a good sign price will hold at this level and continue to the upside. A rejection from this level and we could see BTC fall as low $7,700, stochastic rsi showing momentum is in favor fo the bulls with no sign of reversal.

Daily
Finally looking at our trigger timeframe we get a better picture of BTC’s uptrend, also stochastic rsi showing momentum has bottomed out. A close below $9,400, and expecting a nice sell-off to the side, however if price holds above this level….enjoy the rewards :)

UnknownUnicorn2434649

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.