BTC Analysis 4/29/2020
Hey crew just wanted to give a quick recap on today...
So BTC finally made its move after a few days of sideways action after breaking out of the bull pennant . It went back and retested the support a few times before finally blasting off this morning. We got our big influx of volume and within a few hours BTC smashed through all 3 of my targets, coming to rest around 8750. This is a great sign of strength and perhaps it will continue on to retest 10K. With the halvening just a few weeks away, anything is possible.
Also wanted to point out to those of you asking about continued upside, I would be wary of buying in now. The price went parabolic and is due for a correction. Indeed there are bearish divergences (cyan lines on RSI and MFI ) on the lower TF's so be cautious. However, due to the strength of this move, more upside wouldn't surprise me at this point. Just don't wanna see you guys FOMO in and get hurt. I'll do another analysis soon to see where we might dip to for those looking to get in.
I have taken 25% profit of my long trade at 8400 and 25% at 8800. Moved my SL up to 8200 and letting the rest ride in case we keep going up.
For the people asking, next resistances are at 9250 and 10500. If we cross 9250, I believe 10500 is almost guaranteed. Anything breaking up through the .786 Fib level usually just keeps on going.
Thanks for listening to my ideas and hit the "Like" button if you found it useful
So BTC finally made its move after a few days of sideways action after breaking out of the bull pennant . It went back and retested the support a few times before finally blasting off this morning. We got our big influx of volume and within a few hours BTC smashed through all 3 of my targets, coming to rest around 8750. This is a great sign of strength and perhaps it will continue on to retest 10K. With the halvening just a few weeks away, anything is possible.
Also wanted to point out to those of you asking about continued upside, I would be wary of buying in now. The price went parabolic and is due for a correction. Indeed there are bearish divergences (cyan lines on RSI and MFI ) on the lower TF's so be cautious. However, due to the strength of this move, more upside wouldn't surprise me at this point. Just don't wanna see you guys FOMO in and get hurt. I'll do another analysis soon to see where we might dip to for those looking to get in.
I have taken 25% profit of my long trade at 8400 and 25% at 8800. Moved my SL up to 8200 and letting the rest ride in case we keep going up.
For the people asking, next resistances are at 9250 and 10500. If we cross 9250, I believe 10500 is almost guaranteed. Anything breaking up through the .786 Fib level usually just keeps on going.
Thanks for listening to my ideas and hit the "Like" button if you found it useful
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