Hello traders,
If you recall from my analysis, I mentioned that Bitcoin bounce at critical ascending support line and that is exactly what is happening in past 72 hours.
Looking at daily chart for Bitcoin, we see that Bitcoin is at the very tip of the triangle formation, and looking to make very, VERY critical decision in next few days, or even hours.
Remember the 14 days of accumulation in just few days ago? If you look the chart carefully, Bitcoin was just hovering around the descending black trendline during this sideway movements. However, there was a minor bear breakout as it failed to attract bulls.
In past 72 hours, I have been observing market sentiment and I felt bulls are starting to re-surface again as we saw first bull flag breakout today since September. This is very worth of celebration, because everytime Bitcoin forms a bull flag in hourly frame, we see a clear rejection. But today, we finally see a bull flag breakout!
If we see bull breakout from black descending trendline, it should test $6550 followed by $6850. If we fail to attract buyers, we may see lower lows.
Happy trading!
If you recall from my analysis, I mentioned that Bitcoin bounce at critical ascending support line and that is exactly what is happening in past 72 hours.
Looking at daily chart for Bitcoin, we see that Bitcoin is at the very tip of the triangle formation, and looking to make very, VERY critical decision in next few days, or even hours.
Remember the 14 days of accumulation in just few days ago? If you look the chart carefully, Bitcoin was just hovering around the descending black trendline during this sideway movements. However, there was a minor bear breakout as it failed to attract bulls.
In past 72 hours, I have been observing market sentiment and I felt bulls are starting to re-surface again as we saw first bull flag breakout today since September. This is very worth of celebration, because everytime Bitcoin forms a bull flag in hourly frame, we see a clear rejection. But today, we finally see a bull flag breakout!
If we see bull breakout from black descending trendline, it should test $6550 followed by $6850. If we fail to attract buyers, we may see lower lows.
Happy trading!
Note
As the time of writing, Bitcoin touched the critical descending black trendline. There is a RSI bearish divergence in 15 min chart, but I am very interested in how Bitcoin will react to this. Best case scenario: accumulation around this trendline region and have another bull break.
Worst case scenario: bearish rejection and form lower low
Note
Resistance is turning into support. Lets see if Bitcoin can manage to go above $6450 today!Note
I am afraid that Bitcoin may running out of gas. We may see bearish stoch RSI crossover soon. If we can't have another bull break in next 4-12 hours, we will see another leg down.
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Related publications
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.