Welcome to an update on BTC analysis! Here we are on the 1D chart where we can see the price action still holding within an ascending triangle with the 12(yellow)/26(purple) EMA still holding upwards momentum where a nice bounce had happened right on the 12EMA. We do however see a very clear Bearish divergence on the RSI and Volume which could be showing that we're losing steam at these levels. A double top and an inside bar seems to be forming, which will confirm on today's close.
If you're looking for a trade, I'd wait to see how the inside bar plays out on the 1D chart. A breakout above the inside bar at 8.2k could be significant seeing how prices went up from this level in the 2017 run up. A break blow the inside bar, at 7.5k is also where we can find the 12EMA is, and we could see prices drop to 6800.
On the 4Hr chart we can see the price barely clinging on to that 12(yellow)EMA support. 12.26EMA is curving towards a bearish cross again. Could tread lower to maybe test support on the ascending triangle which is around the 7.5-7.6k range. I say the market is looking good on the 4hr chart as long as the ascending triangle holds. A breakout above the ascending triangle could send us to new daily highs. A break below and I think we could test the 100 SMA(yellow line) that's sitting at 6800.
If you're looking for a trade, I'd wait to see how the inside bar plays out on the 1D chart. A breakout above the inside bar at 8.2k could be significant seeing how prices went up from this level in the 2017 run up. A break blow the inside bar, at 7.5k is also where we can find the 12EMA is, and we could see prices drop to 6800.
On the 4Hr chart we can see the price barely clinging on to that 12(yellow)EMA support. 12.26EMA is curving towards a bearish cross again. Could tread lower to maybe test support on the ascending triangle which is around the 7.5-7.6k range. I say the market is looking good on the 4hr chart as long as the ascending triangle holds. A breakout above the ascending triangle could send us to new daily highs. A break below and I think we could test the 100 SMA(yellow line) that's sitting at 6800.