Hello traders, here is my analysis for BTCUSD.
BTC has broken below the trend line which it was previously using as support.
- If you remember in my last post I stated that if BTC was to break below it's possible that this trend line could become resistance.
- This is exactly what happened, as you can see BTC is now using the trend line as resistance and is following it precisely.
- This doesn't really change much in the overall analysis for BTC, however it does add an extra step if price was to break out.
*Here are the Bullish signals to watch if price is going to break out.
1) Price will need to break above the trend line and remain above. (It's okay if it dips below just as long as it doesn't close below on the daily TF.)
2) Price will need to break and confirm above resistance at $31.4K. (Previously price did break above however it did not confirm, hence why it dipped back into the "Grey Box Zone" after a couple days.)
3) Once those 2 requirements are met, BTC will be in a great position to head up to $33K (Take Profit #1) and above.
***Important note***
- This week I believe will be the week that BTC makes it's move whether to the upside or downside. (Probabilities still favor the upside.) The FED will be speaking about inflation this week and if I remember correctly some economic data is scheduled to be released as well. Based off prior events it would stand to reason that this could be the catalyst that BTC needs to finally make a move.
- If the data is positive BTC should pump.
- If the data is negative BTC should dump.
This is an important week for crypto and stocks,, keep a close eye on the news and be ready for a move in crypto.
Thanks everyone and best of luck trading!
BTC has broken below the trend line which it was previously using as support.
- If you remember in my last post I stated that if BTC was to break below it's possible that this trend line could become resistance.
- This is exactly what happened, as you can see BTC is now using the trend line as resistance and is following it precisely.
- This doesn't really change much in the overall analysis for BTC, however it does add an extra step if price was to break out.
*Here are the Bullish signals to watch if price is going to break out.
1) Price will need to break above the trend line and remain above. (It's okay if it dips below just as long as it doesn't close below on the daily TF.)
2) Price will need to break and confirm above resistance at $31.4K. (Previously price did break above however it did not confirm, hence why it dipped back into the "Grey Box Zone" after a couple days.)
3) Once those 2 requirements are met, BTC will be in a great position to head up to $33K (Take Profit #1) and above.
***Important note***
- This week I believe will be the week that BTC makes it's move whether to the upside or downside. (Probabilities still favor the upside.) The FED will be speaking about inflation this week and if I remember correctly some economic data is scheduled to be released as well. Based off prior events it would stand to reason that this could be the catalyst that BTC needs to finally make a move.
- If the data is positive BTC should pump.
- If the data is negative BTC should dump.
This is an important week for crypto and stocks,, keep a close eye on the news and be ready for a move in crypto.
Thanks everyone and best of luck trading!