BTC - return of bears or just a correction ?
Hi all,
So, I was right something big is about to happen given the squeezing price action on Wednesday. BTC, however, was not able to make the big leap forward as suggested and instead suffered a hard rejection.
The double top around $10,000 and the really solid horizontal resistance there, in combination with the dynamic line coming down from February were little too much for the low BTC volumes.
The symmetrical triangle on the smaller 1-h timeframe resulted in a heavy correction to the zone around $9,000. The horizontal support zone at $9,500-$9,600 also cracked under the bear pressure and resulted in a reversal to the downside. Bitcoin stopped at $9,000, loosing the important long-term downtrend that the BTCUSD pair managed to break for the first time in 2 years.
Generally speaking, the uptrend is still alive (as part of the symmetrical triangle, which is in the making since February www.tradingview.com/...s-trading-on-Friday/) and it is more or less in line with the next support zone I'll be looking at - $8,600 - $8,700, so full attention there.
Up, we will be looking to retake $9,600.
Cheers,
So, I was right something big is about to happen given the squeezing price action on Wednesday. BTC, however, was not able to make the big leap forward as suggested and instead suffered a hard rejection.
The double top around $10,000 and the really solid horizontal resistance there, in combination with the dynamic line coming down from February were little too much for the low BTC volumes.
The symmetrical triangle on the smaller 1-h timeframe resulted in a heavy correction to the zone around $9,000. The horizontal support zone at $9,500-$9,600 also cracked under the bear pressure and resulted in a reversal to the downside. Bitcoin stopped at $9,000, loosing the important long-term downtrend that the BTCUSD pair managed to break for the first time in 2 years.
Generally speaking, the uptrend is still alive (as part of the symmetrical triangle, which is in the making since February www.tradingview.com/...s-trading-on-Friday/) and it is more or less in line with the next support zone I'll be looking at - $8,600 - $8,700, so full attention there.
Up, we will be looking to retake $9,600.
Cheers,
Comment:
BTC successfully closed above $9,000 yesterday, which is the proper way to consolidate here and is now fighting to stay above the diagonal resistance that was just broken !
Let's just hope this is not a bear flag that we are seeing on the 4h chart
Let's just hope this is not a bear flag that we are seeing on the 4h chart
We need to avoid dropping below $9,000 today and charge towards surpassing the resistance in the next couple days