I have been out of town for the last 5 days and was unable to do the Daily Update post. During that time I was able to reflect on my progress and have decided to continue with the daily posts with one small change. Moving forward I will be using the 4 hour chart instead of the 1 hour. Other than that everything will remain the same.
This morning I was happy to see Bitcoin break through the 3 day bear trend. Now I expect it to pump up to $8,426 where horizontal resistance will be waiting. If that resistance holds then it would also mark the third point of another bear trend (red dotted line).
The good news for the bulls is the higher low that formed at $7,759. That kept us inside the longer term triangle that has been forming over the past 3+ months. If we break down below that trend then there is no stopping us before $5,000. On the other hand the longer we support above it the more likely it is we will see another massive bull run.
I am going to remain on the sidelines until one of the two options becomes much more likely.
Happy trading and remember that following is free!
This morning I was happy to see Bitcoin break through the 3 day bear trend. Now I expect it to pump up to $8,426 where horizontal resistance will be waiting. If that resistance holds then it would also mark the third point of another bear trend (red dotted line).
The good news for the bulls is the higher low that formed at $7,759. That kept us inside the longer term triangle that has been forming over the past 3+ months. If we break down below that trend then there is no stopping us before $5,000. On the other hand the longer we support above it the more likely it is we will see another massive bull run.
I am going to remain on the sidelines until one of the two options becomes much more likely.
Happy trading and remember that following is free!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/