Hello, this will be my first post, let's get into it.
BTC is finally showing signs of life as it broke out from the downtrend channel on July 2. You can easily see the breakout on the 4hr chart, as the shorter 20 MA has crossed the 50 MA for the first signs of strength in a long time. The problem is BTC is facing two huge resistances, the first being where we are at now as I am writing this, about 6750. If BTC breaks through that, it would be an excellent medium term buy signal up to around the next res, around 7600-7700. Further analysis would be needed at that particular point. I do believe the bottom is behind us, as we double bottomed on 6/24 & 6/29. Surges of volume are finally seen after weeks of exhausted bulls. ADX shows positive buy momentum and the beginnings of a steady uptrend.
Keep an eye out for the breakout above the 6750 res. Good luck!
(Not financial advice, obviously...)
BTC is finally showing signs of life as it broke out from the downtrend channel on July 2. You can easily see the breakout on the 4hr chart, as the shorter 20 MA has crossed the 50 MA for the first signs of strength in a long time. The problem is BTC is facing two huge resistances, the first being where we are at now as I am writing this, about 6750. If BTC breaks through that, it would be an excellent medium term buy signal up to around the next res, around 7600-7700. Further analysis would be needed at that particular point. I do believe the bottom is behind us, as we double bottomed on 6/24 & 6/29. Surges of volume are finally seen after weeks of exhausted bulls. ADX shows positive buy momentum and the beginnings of a steady uptrend.
Keep an eye out for the breakout above the 6750 res. Good luck!
(Not financial advice, obviously...)
Comment:
Unfortunately, the res. I previously highlighted rejected the attempted breakout. Not all is lost as we are still making lower highs which is a good sign. Look for a retest of that resistance within the next 8 - 24 hours. Beware of a breakout without strong volume.
Comment:
Higher Lows**
Comment:
Resistance retested within 24 hours just as predicted yesterday. Again, we really need that surge of buy volume to continue, or this will be a false breakout.
Still looking for that strong move above 6750 with a close.
Still looking for that strong move above 6750 with a close.
Comment:
Still testing that 6750 resistance. We are so close. Still making higher lows which is positive. I have a strong feeling we will get more answers and a strong move tomorrow.
Watch that breakout!
Watch that breakout!
Comment:
I wrote this 2 and a half weeks ago, and the same resistance I drew is still very, very strong. Things are looking bullish, but this 7700-7750 resistance is real. The 200 ema daily (1200 ema for the 4hr) is also overlapping where our current price action is, making it even tougher to overcome.
Critical juncture for all of crypto. We should have some answers soon. Watch either the strong breakout (with heavy volume) above 7800 and through OR another retrace to 7300. Go Bulls!
Critical juncture for all of crypto. We should have some answers soon. Watch either the strong breakout (with heavy volume) above 7800 and through OR another retrace to 7300. Go Bulls!