BTC-USD: 20K or not yet_(Not out of woods yet)_update
Hello All,
I recently presented the bullish outlook I saw on BTC chart. The bullish div we saw on Daily BTC has paid up with nice 600$ pump.´
TrendMaker perfectly called this pump with whale volume indicator,
In this short post I would like to continue on that idea,
Bull argumetns;
1. BTC held its long term Bullish trend line (Pumped after a Fake out),
2. It also broke above 7425$ resistance level,
3. BTC broke above the descending triangle pattern I highlighted in my last post,
But we are still not out of the woods.
Bear arguments;
1. The break of resistance was with relatively low volume which is not very encouraging,
2. We still have major resistance above for e.g. 7750$ is a major horizonal resistance, after this 8000$ and 8500$ zone is also heavy resistance (with TrendMaker ribbon and the descending resistance from 13700$ high),
3. BTC still have not confirmed the higher high on daily TF,
For continuation of this bull move BTC need to, 1) hold above 7425$, 2) needs to confirm HH on daily and close above 7850$, and finally 3) break the descending resistance level at 8500$ with good volume to confirm.
ohh and about that mighty CME gap at 7250 everyone is talking about, BTC could wick down and fill it anytime, no one knows when. So until that happens why hype it.
I am still holding onto my bearish bias until I see confirm HH and break of 8500 for major trend reversal.
Happy and safe trading..
Chao..
I recently presented the bullish outlook I saw on BTC chart. The bullish div we saw on Daily BTC has paid up with nice 600$ pump.´
TrendMaker perfectly called this pump with whale volume indicator,
In this short post I would like to continue on that idea,
Bull argumetns;
1. BTC held its long term Bullish trend line (Pumped after a Fake out),
2. It also broke above 7425$ resistance level,
3. BTC broke above the descending triangle pattern I highlighted in my last post,
But we are still not out of the woods.
Bear arguments;
1. The break of resistance was with relatively low volume which is not very encouraging,
2. We still have major resistance above for e.g. 7750$ is a major horizonal resistance, after this 8000$ and 8500$ zone is also heavy resistance (with TrendMaker ribbon and the descending resistance from 13700$ high),
3. BTC still have not confirmed the higher high on daily TF,
For continuation of this bull move BTC need to, 1) hold above 7425$, 2) needs to confirm HH on daily and close above 7850$, and finally 3) break the descending resistance level at 8500$ with good volume to confirm.
ohh and about that mighty CME gap at 7250 everyone is talking about, BTC could wick down and fill it anytime, no one knows when. So until that happens why hype it.
I am still holding onto my bearish bias until I see confirm HH and break of 8500 for major trend reversal.
Happy and safe trading..
Chao..