BTCUSD - BITCOIN seeing strength?
Updated
Good day traders!
Alright. For BTCUSD I'm still seeing the same pattern, however things are starting to look a little more optimistic. The pattern that I've been discussing for weeks now is the series of lower highs and lower lows. Once we break this pattern, then we can start to talk about that move to ATH and ~85k above ATH.
We NEED to break
65K and ideally with above average volume (which I did not discuss in the video). We need a breakout with volume to get some gas in the tank so to speak.
If we can do that, it simply increases confidence in the bullish scenario. There's never any certainty in the markets, but from a pattern perspective, we have to break the pattern in order to gain confidence in the next move. Break the pattern to the upside, I believe we'll see new highs. We have yet to break the pattern to the downside, but that is not off the table. I'm simply saying things are looking better from a bullish perspective at this time.
Alright. For BTCUSD I'm still seeing the same pattern, however things are starting to look a little more optimistic. The pattern that I've been discussing for weeks now is the series of lower highs and lower lows. Once we break this pattern, then we can start to talk about that move to ATH and ~85k above ATH.
We NEED to break
65K and ideally with above average volume (which I did not discuss in the video). We need a breakout with volume to get some gas in the tank so to speak.If we can do that, it simply increases confidence in the bullish scenario. There's never any certainty in the markets, but from a pattern perspective, we have to break the pattern in order to gain confidence in the next move. Break the pattern to the upside, I believe we'll see new highs. We have yet to break the pattern to the downside, but that is not off the table. I'm simply saying things are looking better from a bullish perspective at this time.
Trade active
We've finally overtaken the 65k area. Technically it was on above average volume, but it was still a bit weaker than I would have liked to see. I like to see roughly double the average volume (look at July 8, 2024 as a prime example of above average volume).
Ultimately, I'm seeing probability on our side for continuation, but remaining above 60K at this point is pretty important.
Trade active
We broke 65k and after a small pullback to 60k (also the 50D SMA) to get some frothy bears on board, we have bounced significantly and have overtaken 70k and more importantly, we overtook the significant pivots from May & June 2024 around $72,100
The next stop is All Time Highs and since we've done the work to get here, I don't see a reason why we won't test it. More times than not, we'll test and fail but what matters the most is what kind of stop loss activity will be sitting at ATH - Short stop losses can fuel a rally higher so I'm not going to eliminate the possibility we won't see a significant pullback at ATH.
One day at a time, folks. Q4 is going to be fun!
CE - BitDoctor
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