The bull run accurately described in my previous analysis touched the top of the downtrend channel and reverted. A steep bear trend has appeared and the next bull phase should be decided at the level shown on the chart.
If this support does not hold, all hell will break loose on BTC and the run could go as far as 4k.
If this support holds and a rebound breaks...
BTC has been floating for a week in a downtrend wedge (thin black lines) touching support on 4 occasions and resistance on 3 occasions. It actually stayed longer than I thought on those levels, but has now reached the critical 9.3k I was mentioning in my last analysis.
The indecision leads traders to hold, as we can see volumes are very low, but the price is at a...
BTC breakout finally occurred on the upside, buy signals activated, hence I'm now long.
The trend is confirmed on the upside and the path looks clear up until the upper downward channel around 11.5k.
Almost all indicators are green for the next 5 days, but volumes remain low, meaning the bulls are not all back in the game. This could be problematic in case of a...
Or maybe not...
After failing to break upward 48h ago and downward 24h ago, and producing lower highs and significant higher lows since beg of Feb, would today be the day of a BTC trend confirmation ?
Volumes are lower than yesterday, MACD is flat, Bollinger narrows. check out the same situation on 27 Jan, followed by a bull trap into the downward...
In yesterday's post, I mentioned the imminent breakthrough of BTCUSD. Well it's taking its time, and seems to be going to the tip of the triangle.
Volumes are down, Bollinger bands are narrowing, MACD shows no sign of strong buy or sell momentum. It feels like the slightest shake will trigger something big.
Considering the overall trend I remain bearish, but right...
Looking at the chart, BTCUSD will be exiting its second symetrical triangle shortly, a downside breakthrough could take it furhter down to 4.5k, an upside breakthrough would see a rally to the level of the previous triangle above 11k. In this bearish market I tend to think it will go down.
