Hi all,
BTC working like a clockwork. The move to $8,900 resulted in a reversal to the upside as commented on Monday
The BTC/USD pair climbed above $9,000 yesterday (PHASE 4) and today it almost hit the diagonal resistance, which is now situated at $9,460. The volatility is quite high although bitcoin is not seeing a significant increase in trading volumes.
The horizontal resistance on the RSI index was also surpassed - a very good sign if we manage to keep price and momentum running.
From here we can definitely expect a short pullback to $9,150 as a price-taking activity or just as a simple consolidation, but what's important is not to allow the current gains to be erased in the later hours of trading. So, I'm putting $9,600 as our next targeted price.
On the 1-h chart we can clearly see the next zone of interest and the gap between the horizontal and diagonal resistances.
BTC working like a clockwork. The move to $8,900 resulted in a reversal to the upside as commented on Monday
The BTC/USD pair climbed above $9,000 yesterday (PHASE 4) and today it almost hit the diagonal resistance, which is now situated at $9,460. The volatility is quite high although bitcoin is not seeing a significant increase in trading volumes.
The horizontal resistance on the RSI index was also surpassed - a very good sign if we manage to keep price and momentum running.
From here we can definitely expect a short pullback to $9,150 as a price-taking activity or just as a simple consolidation, but what's important is not to allow the current gains to be erased in the later hours of trading. So, I'm putting $9,600 as our next targeted price.
On the 1-h chart we can clearly see the next zone of interest and the gap between the horizontal and diagonal resistances.
Comment:
Alright, so we are out of the rectangle now and the diagonal resistance is broken for the first time since the all-time high was reached in December 2017. What we need here is for BTC to close above that line today.
