Bitcoin Update
In the past history we had affirmed the possible formation of the cypher harmonic pattern in H4 & D1 time frame.
Bitcoin is still trading below its 100-day EMA line and seems to be challenging it today.
RSI level is at ~50 more or less when it was written this update.
If we look the recent chart, that harmonic pattern was confirmed when the Bitcoin touched the closed support around USD $ 9k.
In the past hours we were surprised with the large volume of capital entering the market and the possible long openings by the investors.
And most surprising, the massive liquidation of short in bitmex. Near to $ 58.1 Mil USD were liquidated.
What is the future?
Currently we have a low channel wanting to be broken in D1 and the price is touching the ema21, — an important indicator that can be considered as support and resistance; indicating the start of a pullback.
To confirm a new high trend, we need a new buyer candle to be positioned above the ema21 — ema50, around $ USD 11.5k — $ USD 12k, one region that can be considered low risk for opening a long positions, if it is your strategy.
We still do not rule out the possibility of forming the patron three white soldiers. Which would also help confirm the new high trend and the long-awaited reversal.
Otherwise we can have a false break, which would trigger the continuation of the downward trend. If the above comes to pass we can test lower levels of support and $ USD 9K+.
On the other hand, we suggest that to make a successful operation, wait for the MACD indicator to cross in the next few days.
In the past history we had affirmed the possible formation of the cypher harmonic pattern in H4 & D1 time frame.
Bitcoin is still trading below its 100-day EMA line and seems to be challenging it today.
RSI level is at ~50 more or less when it was written this update.
If we look the recent chart, that harmonic pattern was confirmed when the Bitcoin touched the closed support around USD $ 9k.
In the past hours we were surprised with the large volume of capital entering the market and the possible long openings by the investors.
And most surprising, the massive liquidation of short in bitmex. Near to $ 58.1 Mil USD were liquidated.
What is the future?
Currently we have a low channel wanting to be broken in D1 and the price is touching the ema21, — an important indicator that can be considered as support and resistance; indicating the start of a pullback.
To confirm a new high trend, we need a new buyer candle to be positioned above the ema21 — ema50, around $ USD 11.5k — $ USD 12k, one region that can be considered low risk for opening a long positions, if it is your strategy.
We still do not rule out the possibility of forming the patron three white soldiers. Which would also help confirm the new high trend and the long-awaited reversal.
Otherwise we can have a false break, which would trigger the continuation of the downward trend. If the above comes to pass we can test lower levels of support and $ USD 9K+.
On the other hand, we suggest that to make a successful operation, wait for the MACD indicator to cross in the next few days.