Analysis of BTCUSD & BTC1! -- Another Approach (1st Update)
Good morning/afternoon/evening traders,
What a wild week in the crypto market! Several crypto assets had formed bullish signs but failed to play out because the volatility came back to the Bitcoin price. Hope everyone plays safe and executes your stop/loss properly. And congratulations on those who caught up some top movers in the market, such as COMPUSD etc.
In the idea, "Analysis of BTCUSD & BTC1! -- Another Approach", that I posted last week, I pointed out that the gap range of 9275 to 9820 USD in BTC1! is quite essential for observing the next move of the Bitcoin price. As you can see that this asset got a hard rejection as it tried to approach 9820 USD and immediately went down to the price near 9275 USD on June 24. Again, this monster got confused and did not know where to go. In the following two days, the BTC1! price has broken 9275 USD and tested the 50 SMA twice.
So far, it has bounced back into the purple box. Next week, it will be critical for this asset to hold above this level for the bulls. If the price will not hold and keep moving down below near 8760 USD, then a formal lower low will form. A bearish wave will be most likely to follow.
An update will be posted a week later. Please like, comment and follow me if you like this series of discussions.
Wish everyone a nice weekend!
HakoneDream
What a wild week in the crypto market! Several crypto assets had formed bullish signs but failed to play out because the volatility came back to the Bitcoin price. Hope everyone plays safe and executes your stop/loss properly. And congratulations on those who caught up some top movers in the market, such as COMPUSD etc.
In the idea, "Analysis of BTCUSD & BTC1! -- Another Approach", that I posted last week, I pointed out that the gap range of 9275 to 9820 USD in BTC1! is quite essential for observing the next move of the Bitcoin price. As you can see that this asset got a hard rejection as it tried to approach 9820 USD and immediately went down to the price near 9275 USD on June 24. Again, this monster got confused and did not know where to go. In the following two days, the BTC1! price has broken 9275 USD and tested the 50 SMA twice.
So far, it has bounced back into the purple box. Next week, it will be critical for this asset to hold above this level for the bulls. If the price will not hold and keep moving down below near 8760 USD, then a formal lower low will form. A bearish wave will be most likely to follow.
An update will be posted a week later. Please like, comment and follow me if you like this series of discussions.
Wish everyone a nice weekend!
HakoneDream