Hello traders,
What a week for cryptocurrency market. Most of the alt-coins are up 30-50% and it looks the bulls are starting to come back to life.
Looking at the daily chart for bitcoin, we see that Bitcoin went above the blue trendline and looking to get higher high in order to have trend reversal. Although this is a bullish move for Bitcoin, I am still waiting for the blue trendline breakout confirmation.
If you remember blue trendline breakout back in July, Bitcoin pulled back to blue trendline and market rejected its breakout. Therefore, if you missed the entry, I will be patiently waiting it to hit the blue trendline and observe the market bahaviour. Majority of the alt-coins went up hugely in past few days so it will be HEALTHY for some consolidations.
Key resistances: 7100 and 7600
Key supports: 6880 and 7040
RSI resistance 63
Happy trading!
What a week for cryptocurrency market. Most of the alt-coins are up 30-50% and it looks the bulls are starting to come back to life.
Looking at the daily chart for bitcoin, we see that Bitcoin went above the blue trendline and looking to get higher high in order to have trend reversal. Although this is a bullish move for Bitcoin, I am still waiting for the blue trendline breakout confirmation.
If you remember blue trendline breakout back in July, Bitcoin pulled back to blue trendline and market rejected its breakout. Therefore, if you missed the entry, I will be patiently waiting it to hit the blue trendline and observe the market bahaviour. Majority of the alt-coins went up hugely in past few days so it will be HEALTHY for some consolidations.
Key resistances: 7100 and 7600
Key supports: 6880 and 7040
RSI resistance 63
Happy trading!
Note
15 mins bearish divergence. No FOMO at this point. Just be patient and opportunity will come :)Note
So far $7000 is acting a good support. However, there is a potential head and shoulders pattern in 15 mins chart, and the target for the breakout intersect with the blue trendline. I think there will be further drop below $7k in next few daysNote
What did I say going below 7k? The right shoulders was definitely bigger than I expected but Bitcoin is going toward blue trendline as I expected :)Note
Touch down! I entered partial position here and I will be observing market bahaviour from this point. If we can find support here, it will be fairly bullish.
However, if it goes below blue tredline, then Bitcoin needs to get higher low in order to form weekly and daily equilibrium
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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.