Hello all,
Trend Analysis/Technical Indicators:
-BTC seems to be completing a inverse H&S. With yesterday's daily candle closing above $7526 (EMA50), it can be seen as a confirmation of a break of the neck line. Breaking of this neckline would conclude that we are in the midst of changing trend. Breaking of the neck line would also present insight to our new trend. Breaking bullishly would suggest a trend reversal. Vice versa - rejection of the neck line will suggest we are continuing the downtrend. Therefore, we can see a retracement to the neck line at any point here. The MACD is also looking good and trending in favor of the bulls. Also, 9, 13, 21, 55 EMA's all in a ascending parallel formation.
-With this recent move it has a lot of retail traders very excited, as this break of the down trend will play a crucial role in shaping the movement of the upcoming months.
-For confirmation of the trend change we would need BTC price rallying past the 100-day EMA. If we can close above 8k-8.1k, we would expect it to rally towards the 200-day EMA.
Market News
-Uncertainty around the Middle East situation to portray Bitcoin as digital gold
-Traders excited about the next halving
-Apple has recommended the cryptocurrency-powered Brave browser as one of the “New Apps We Love” on its Hong Kong app store, marking another milestone for the privacy-focused browser.
Conclusion
With the current state of BTC it has many people questioning its future. In my opinion; long term I am long, and short term take caution. Starting with long term, we need to see a daily candle closing above 8k-8.1k. Without this closure there is no certainty that we have broken from down trend. Lots of excitement and bullish price action that could suggest that we may be able to conquer this level. Which leads me into transitioning into short term. If we cannot close above this level then we need to be aware of current S&L levels from the pre-existing down trend. Short term, be cautious we have not broke 8k (resistance here). Therefore we can run into our retracement back to the neckline of the inverse H&S.
This is not trading advise, I am not an expert. Trade at own risk.
Please leave a like and a comment!
Trend Analysis/Technical Indicators:
-BTC seems to be completing a inverse H&S. With yesterday's daily candle closing above $7526 (EMA50), it can be seen as a confirmation of a break of the neck line. Breaking of this neckline would conclude that we are in the midst of changing trend. Breaking of the neck line would also present insight to our new trend. Breaking bullishly would suggest a trend reversal. Vice versa - rejection of the neck line will suggest we are continuing the downtrend. Therefore, we can see a retracement to the neck line at any point here. The MACD is also looking good and trending in favor of the bulls. Also, 9, 13, 21, 55 EMA's all in a ascending parallel formation.
-With this recent move it has a lot of retail traders very excited, as this break of the down trend will play a crucial role in shaping the movement of the upcoming months.
-For confirmation of the trend change we would need BTC price rallying past the 100-day EMA. If we can close above 8k-8.1k, we would expect it to rally towards the 200-day EMA.
Market News
-Uncertainty around the Middle East situation to portray Bitcoin as digital gold
-Traders excited about the next halving
-Apple has recommended the cryptocurrency-powered Brave browser as one of the “New Apps We Love” on its Hong Kong app store, marking another milestone for the privacy-focused browser.
Conclusion
With the current state of BTC it has many people questioning its future. In my opinion; long term I am long, and short term take caution. Starting with long term, we need to see a daily candle closing above 8k-8.1k. Without this closure there is no certainty that we have broken from down trend. Lots of excitement and bullish price action that could suggest that we may be able to conquer this level. Which leads me into transitioning into short term. If we cannot close above this level then we need to be aware of current S&L levels from the pre-existing down trend. Short term, be cautious we have not broke 8k (resistance here). Therefore we can run into our retracement back to the neckline of the inverse H&S.
This is not trading advise, I am not an expert. Trade at own risk.
Please leave a like and a comment!