In my previous post we have observed that on hourly chart the priceline was moving in a since 20 March 2020 and at that time time the BTC was at the center of the . And I shared my expectations that there were more chances of break out rather to break down. At that time the resistance of the was at $6800 and in order to break out this resistance BTC needed the closing above this . And now we have witnessed that the priceline has closed above this resistance of and finally broke out.
in previous thirst we were looking at the bull flags formed by the Bitcoin on hourly chart but now as the priceline of BTC has turned more therefore the bull flags can be seen even on the 4 hour charts as well. It can be easily examined that after every the price action of Bitcoin accumulates and moves up to form the next . By doing so the price range of the leading cryptocurrency has formed the third gull flag from 29th March up till now. And it can be clearly seen that at this time the Bitcoin is being accumulated for the next move to form the next . In the meanwhile the 50 has also formed a golden cross with 200 just beneath the on this 4 hour chart that is very powerful signal.
A new channel:
Now on 4 hour chart the king of all cryptocurrencies has formed an . And at this time the priceline moving within this channel and in order to break out from the channel the price range needs to close above the resistance that is at $8400 at the moment.
Powerful bounce form 200 and hitting the 100 resistance:
Now I would like to take you to the long term weekly chart and as we have already seen that the priceline has taken very good bounce from the 200 on weekly chart and likely to turn now. At this time it can be easily witness that the priceline has touched the 100 resistance. This resistance is at $7087 at the movement. And the price action has hit the spike at $7469 but so far the is not able to cross up or close above this 100 resistance. Once the Bitcoin will be able to cross up this then we will witness very powerful rally because at that time we will have strong supports of 200 and 100 simple moving averages both at the moment and these both simple moving averages will lift the price up.
The priceline is repeating the same act:
Now I would like to divert your attentions to the comparison that I have been posting in my previous articles. When the Bitcoin was moving above the down from 2018 to 2019.After when the priceline reached below the area where the traders interest was very weak as per of complete priceline moving about that down trendline then the price action took powerful and produced more than 300% profit. Now again we can see that the price line of Bitcoin is moving above a down same is like the previous one. This trendline started from June 2019 and now finally the price line is likely to take the bounce after hitting at this in March 2020. And we can easily examine that this time when the price line moved below the area where the trader’s interest is very low as per of complete price range moving above this then it has started moving up. As per current situation the trader’s interest is low below $7000 and the point of control of the is $10350.
Big move a key of rally:
And I would like to also recall the very big pattern again in this post that is formed on monthly chart as this pattern key for the big rally for the Bitcoi. We can see that after the completion of this big pattern the price line has even moved beyond the potential reversal zone but in the very next it is move back in the PRZ level and this move is showing that this pattern is still in play.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.