TradingShot

BITCOIN must break this Lower Highs line to avoid trouble!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a quick short-term update on Bitcoin's trend so I am not going to go through it in much detail.

** Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

Following Sunday's selling, BTC has more than recovered that drop within the week but we see the price today pulling a little back again. This pull-back stopped BTC from extending the Higher Highs sequence it started after the mid-March collapse and instead we are now sitting on Lower Highs. This Lower Highs trend-line must be avoided at all costs and I will explain why.


** The Lower Highs trend-line we should avoid **
Last time Bitcoin printed a similar Lower Highs sequence was it mid February when we all remember that it was the beginning of the fall. If this is not avoided and Higher Highs are not made we can have a similar sell-off (not as strong as March's though unless COVID causes another flash crash on the stock markets) back to the 1D MA200 or even lower to the Symmetrical Support. We are close to printing a Golden Cross (MA50 crossing over the MA200) which is theoretically a bullish formation but as seen on the Lower Highs sequence of mid February it was actually bearish as it was formed at the top.


** The LMACD shows there might still be some gas in the tank **
The LMACD, our very accurate technical indicator throughout the previous years, may actually save the day. I will explain why. As seen on the chart, the LMACD made a bearish cross on Sunday's drop but with this week's recovery, is close to printing a bullish cross now. The very same cross sequence was seen in late January when Lower Highs were again formed on the price candles (though not as strong as the current ones) but the LMACD made successive crosses ( bearish to bullish ) and the uptrend was extended making Higher Highs all the way to mid-February's High.


So where do you think we are? At the top of the April rally or roughly in the middle as the LMACD may suggest? Whatever the speculation one thing is for sure. BTC must break the current Lower Highs trend-line to avoid a sell-off taking place. Feel free to share your work and let me know in the comments section!

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Comments

wonderful chart!
Reply
Cool👌 do you expect golden cross to hold?
+1 Reply
TradingShot Cryptalion
@Cryptalion, Based on the previous ones (exception early 2019) it shouldn't. But you never know the Halving is a game changer.
+1 Reply
I like your graffiti)
the new bull market begins ?

?https://www.
+2 Reply
TradingShot Valeriia_Top
@Valeriia_Top, Thanks Valeria. Your charts reminds me of a very similar I made about a year ago.
Reply
Excellent work....as usual. BTC is still in overall down trend. Coiling for a big break maybe?
+1 Reply
@wmay11, I hope so. I'm already loaded having bought lower. Even though I welcome another pull back in order to add more, I can't wait for this bullish break-out finally.
Reply
You are doing great job. thanks for sharing your TA..
+2 Reply
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