Till btc breaks above 7,500 on the weekly i'd be cautious.
This entire uptrend has been driven on low volume.
SPX also rallied above its previous highs, BTC is following its movements. And with economy going to shit and no end to this corona mess, Things will likely get worse before better.
So basically -
Long term downtrendline.
Ascending wedge with low volume.
Near long term resistance.
monthly 21 and weekly 21 EMA
This is area of strong resistance, any signs of turning down from here won't be good for middle term btc.
Stay safe everyone.
This entire uptrend has been driven on low volume.
SPX also rallied above its previous highs, BTC is following its movements. And with economy going to shit and no end to this corona mess, Things will likely get worse before better.
So basically -
Long term downtrendline.
Ascending wedge with low volume.
Near long term resistance.
monthly 21 and weekly 21 EMA
This is area of strong resistance, any signs of turning down from here won't be good for middle term btc.
Stay safe everyone.
Comment:
I also feel breaking above 7.4k would invalidate bearish bias and it would be time to look for longs.
Comment:
this is because of the fact spx is also rallying.
Comment:
lines worked as intended i guess :P
Trade closed: target reached:
Closed till this 6850 holds as support.