Hello Traders!
Another quick update on BTC
Points to consider
- Price bounced from support
- Daily inside bars forming
- Bulls broke EMA’s
- Potential HL if price retraces from here
- Volume climax candle on daily
Bitcoin bulls have pushed price up successfully from local support right into local resistance. Price is currently forming INSIDE bars which are yet to break bearish and or bullish. A break bullish from this area can totally negate this descending triangle formation and will allow bitcoin to put in a higher high…
A break bearish will confirm this next Higher Low and further prove the hypothesis of this being a descending triangle, a very bearish formation.
Bitcoin has two major resistance levels (red zones) that bulls need to break if we are headed to yearly highs, this has to be backed up by high bull volume otherwise we may witness a bull trap and ultimately head back to yearly lows…
What are your thoughts on Bitcoins immediate price action?
Please leave a like and comment
And remember,
Markets change their behavior faster than people can change their minds… That is why intraday trading is so difficult.’’ – Unknown
Another quick update on BTC
Points to consider
- Price bounced from support
- Daily inside bars forming
- Bulls broke EMA’s
- Potential HL if price retraces from here
- Volume climax candle on daily
Bitcoin bulls have pushed price up successfully from local support right into local resistance. Price is currently forming INSIDE bars which are yet to break bearish and or bullish. A break bullish from this area can totally negate this descending triangle formation and will allow bitcoin to put in a higher high…
A break bearish will confirm this next Higher Low and further prove the hypothesis of this being a descending triangle, a very bearish formation.
Bitcoin has two major resistance levels (red zones) that bulls need to break if we are headed to yearly highs, this has to be backed up by high bull volume otherwise we may witness a bull trap and ultimately head back to yearly lows…
What are your thoughts on Bitcoins immediate price action?
Please leave a like and comment
And remember,
Markets change their behavior faster than people can change their minds… That is why intraday trading is so difficult.’’ – Unknown
