By the grace of Allah the most high my previous idea of Bitcoin:
Produced more than 169% profit.
Now I am watching some more positive indications which can produce atleast a small bull rally for more profit.
The leading cryptocurrency has formed a symmetrical triangle on day chart and hitting at the support of triangle at $9532.
Moreover the priceline is also hitting the ichimoku bullish cloud and sofar the cloud is not reversed to bearish and still bullish.
The lagging span of ichimoku could was entered in candle sticks but now turned bullish and moving up in a hook position.
The volume profile is showing very less interest of traders at this area. (This is the volume trend of triangle).
The MACD is also turned weak bullish.
On 1st and 2nd july the price action was bounced up from 25 SMA now the price action broke the 50 SMA but now retesting the 50 SMA as resistance and strong bullish candle stick is showing that it will again cross up the 50MA.
If the support will be broken down then we have $7501 next support but we also have 100 SMA support before that.
Sofar all signals are turned bullish at triangle's support which is clearly indicating that BTC is ready for next rally up.
In case of failure in breaking out the $13274 resistance the price action can be dropped between 0.382 to 0.786 fibonacci so we can make this area as our target sell zone for short trade which is:
Sell target zone for short trade: $11037 to 12819.
Regards,
Atif Akbar (moon333)
Now I am watching some more positive indications which can produce atleast a small bull rally for more profit.
The leading cryptocurrency has formed a symmetrical triangle on day chart and hitting at the support of triangle at $9532.
Moreover the priceline is also hitting the ichimoku bullish cloud and sofar the cloud is not reversed to bearish and still bullish.
The lagging span of ichimoku could was entered in candle sticks but now turned bullish and moving up in a hook position.
The volume profile is showing very less interest of traders at this area. (This is the volume trend of triangle).
The MACD is also turned weak bullish.
On 1st and 2nd july the price action was bounced up from 25 SMA now the price action broke the 50 SMA but now retesting the 50 SMA as resistance and strong bullish candle stick is showing that it will again cross up the 50MA.
If the support will be broken down then we have $7501 next support but we also have 100 SMA support before that.
Sofar all signals are turned bullish at triangle's support which is clearly indicating that BTC is ready for next rally up.
In case of failure in breaking out the $13274 resistance the price action can be dropped between 0.382 to 0.786 fibonacci so we can make this area as our target sell zone for short trade which is:
Sell target zone for short trade: $11037 to 12819.
Regards,
Atif Akbar (moon333)