Hello traders,
After few weeks of side way movement, Bitcoin is finally making its move as there are several bullish signals.
Looking at 4-hour chart for Bitcoin, we have seen this tighening equilibrium since September 22nd. (which almost lasted 3 weeks!!). However, few bullish sign emerged in past 30 hours.
1) Blue trendline breakout: This descending blue trendline acted as major resistance since July 18th, and Bitcoin tried to go above this trendline on Oct 5th. It seems that Bitcoin found support at this blue line, and we saw minor increase in volume after hitting $6625.
2) First higher high in past 3 weeks: Black line indicates the tighening equilibrium that Bitcoin is forming. However in last bullish rally, Bitcoin managed to go above $6697 (previous lower high), which is a bullish signal.
3) Volume: Last but not least, the weird high volume in past 4 hours has been bothering me as I don't see large body in the candle sticks. This could mean that someone is accumulating or selling large sum of Bitcoin in preparation of upcoming explosive move.
Happy trading!
After few weeks of side way movement, Bitcoin is finally making its move as there are several bullish signals.
Looking at 4-hour chart for Bitcoin, we have seen this tighening equilibrium since September 22nd. (which almost lasted 3 weeks!!). However, few bullish sign emerged in past 30 hours.
1) Blue trendline breakout: This descending blue trendline acted as major resistance since July 18th, and Bitcoin tried to go above this trendline on Oct 5th. It seems that Bitcoin found support at this blue line, and we saw minor increase in volume after hitting $6625.
2) First higher high in past 3 weeks: Black line indicates the tighening equilibrium that Bitcoin is forming. However in last bullish rally, Bitcoin managed to go above $6697 (previous lower high), which is a bullish signal.
3) Volume: Last but not least, the weird high volume in past 4 hours has been bothering me as I don't see large body in the candle sticks. This could mean that someone is accumulating or selling large sum of Bitcoin in preparation of upcoming explosive move.
Happy trading!
Note
Remember my point 3 about someone is accumulating large sum of bitcoin for some action? Well, bears tried to push the price down below $6525 where the previous higher low was, but bulls successfully defended this point (so far). Now we need to see Bitcoin rally above $6715 to build more bullish momentum!
Note
I am about to make very bold prediction here. We will probably see bull breakout within 48 hours and go above $7000 and find new support at 0.5 Fib level which is roughly $6800 where resistance is. (most likely Friday because it can allow weekend to consolidate)
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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.
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.