BTC still looking for a reversal to the upside
Hi guys,
Yesterday, BTC rebounded perfectly from the lower end of the support area - around $8,600 just like predicted and is currently trading above $8,900, which was our trigger for a reversal to the upside. I will be looking for more green from here, ideally aiming to get around $9,400 or below the horizontal resistance area BUT right at the diagonal resistance coming from the long-term downtrend.
Generally speaking, we are on a symmetrical triangle pattern since February:
so I'm putting 3 targeted zones up:
1. The already mentioned $9,400 - $9,600, which will allow us to surpass the long-term downtrend and the horizontal resistance
2. $9,500-$10,000 as a psychological level and a breakout of the symmetrical triangle
3. The year to date high at $10,360.
In terms of trading volumes, they started to decrease since the halving, and are currently at $38 billion or 30 percent lower.
On the other hand, on the 1-h chart there is a rising wedge formation with the 200-day EMA at its upper-end, so we can expect some turbulence at $9,150. A rejection there and a drop out of the wedge below will certainly drive us down to at least $8,500
Cheers,
Yesterday, BTC rebounded perfectly from the lower end of the support area - around $8,600 just like predicted and is currently trading above $8,900, which was our trigger for a reversal to the upside. I will be looking for more green from here, ideally aiming to get around $9,400 or below the horizontal resistance area BUT right at the diagonal resistance coming from the long-term downtrend.
Generally speaking, we are on a symmetrical triangle pattern since February:
so I'm putting 3 targeted zones up:
1. The already mentioned $9,400 - $9,600, which will allow us to surpass the long-term downtrend and the horizontal resistance
2. $9,500-$10,000 as a psychological level and a breakout of the symmetrical triangle
3. The year to date high at $10,360.
In terms of trading volumes, they started to decrease since the halving, and are currently at $38 billion or 30 percent lower.
On the other hand, on the 1-h chart there is a rising wedge formation with the 200-day EMA at its upper-end, so we can expect some turbulence at $9,150. A rejection there and a drop out of the wedge below will certainly drive us down to at least $8,500
Cheers,
Trade active:
So the first target was reached - BTC is trading above $9,400 and above the long-term trendline.
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