cheynos
Long

This uptrend is not over, this is why! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone
Today we saw a nice green day for BTC , this indicators are telling us that we're going to continue going up! Let’s get straight in to the analysis!

-So everyone was talking about the rising wedge that BTC was creating, now we broke that wedge at the upside (which surprised me a bit). I didn’t expect a break through at the upside because of the huge resistance at 6.8K. Now we broke that level, it could perform as I strong support in the future.

-The first very positive indicator is the 4hourly RSI . Each time we went above the 70 level we can see that we’ve managed to make a very nice uprun. Today we broke that level again, this could indicate that we have the momentum to go higher

-We broke finally above the ribbon again! This is a huge deal, hope that BTC can find some support and hold above the ribbon.

-The only thing I’m a bit worried about is the volume , we can see that the last time we’ve made a bull run, the volume was way bigger. if we want to continue this uptrend, the volume has to increase!

-If we look at the fib-retracement we can see that our first resistance is at 7.5K. I don’t think that the 0.78 level is going to be a resistance so if we pass the 7.5K, than next target is 8.5K for me.

Btcusdshorts
-We can see that there is still plenty of room left for a big shortsqueeze, I don’t think that the downtrend in shorts really influenced the prices so much. Players like nano and other alts made huge wins couple of days ago, I think that most investors took their profit and bought in to btc again.
also rising wedge still intact at about 7050
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8.5 would be above the 200 ma... at 7.9... not gonna happen without a struggle.
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cheynos pacman7331
@pacman7331, agree that breaking the 200 ma will not happen without a struggle, do not agree with the rising wedge thing though... its def broken now...
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