BTC/USD breach above wedge resistance gets momentum confirmation
BTC/USD breach above wedge resistance gets momentum confirmation but dragonfly doji still cynical – Bid ATM calls for trading:
The minor trend of BTCUSD has been oscillating between falling wedge.
The bulls, for now, manage to break-out wedge resistance, consequently, the current prices spike above DMAs.
Currently, testing stiff resistance at 10040 levels, any break-out above would develop buying interests.
While both RSI and stochastic curves converge to these upswings to signal the strength and intensified bullish momentum.
In intermediate trend, the dragonfly doji has occurred at 8069.30 levels (refer weekly plotting) which is bullish in nature, subsequently, the current prices spike above 21EMAs, leading & lagging indicators are yet to confirm the bullish swings.
This bullish candle should not be analyzed in an isolation as both momentum and trend have been in bears’ favor.
Hence, we seek more clarity from the technical indicators to substantiate the bullish pattern although upswings are visible soon after dragonfly doji formation.
One can buy 1w ATM delta call in order to participate in ongoing rallies, the payoff structure would comparatively be exponential than underlying spot trade as long as BTCUSD keeps spiking northwards.
The minor trend of BTCUSD has been oscillating between falling wedge.
The bulls, for now, manage to break-out wedge resistance, consequently, the current prices spike above DMAs.
Currently, testing stiff resistance at 10040 levels, any break-out above would develop buying interests.
While both RSI and stochastic curves converge to these upswings to signal the strength and intensified bullish momentum.
In intermediate trend, the dragonfly doji has occurred at 8069.30 levels (refer weekly plotting) which is bullish in nature, subsequently, the current prices spike above 21EMAs, leading & lagging indicators are yet to confirm the bullish swings.
This bullish candle should not be analyzed in an isolation as both momentum and trend have been in bears’ favor.
Hence, we seek more clarity from the technical indicators to substantiate the bullish pattern although upswings are visible soon after dragonfly doji formation.
One can buy 1w ATM delta call in order to participate in ongoing rallies, the payoff structure would comparatively be exponential than underlying spot trade as long as BTCUSD keeps spiking northwards.