Lets get to it. If you check out our BTCUSD Daily Chart on Coinbase, we just had a nice run from Bitcoin starting July 28th - August 8th. If you would've bought at that support line around the $9100 area and sold on August 8th you would've made yourself a very solid 30% return in a mere 10 days.
What now:
RSI is currently downticking from Aug 5th and volume has been decreasing since the end of June. The MACD also appears to be taking a breather at the moment. We're keeping watch to see if we break out of the current channel upwards or if we take a dip back down to the $10,000 range .
Bullish Case:
We hold this support around $11,200 and we're able to close above the current channel with a good amount of volume over $12,320. Should take us right into $13K.
Bearish Case:
We head back down to the $10,000 levels. Which if the case, we would be laterally buying between $10k-$9k region. We would set a stop loss at the time around where the 200MA in white is.
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
What now:
RSI is currently downticking from Aug 5th and volume has been decreasing since the end of June. The MACD also appears to be taking a breather at the moment. We're keeping watch to see if we break out of the current channel upwards or if we take a dip back down to the $10,000 range .
Bullish Case:
We hold this support around $11,200 and we're able to close above the current channel with a good amount of volume over $12,320. Should take us right into $13K.
Bearish Case:
We head back down to the $10,000 levels. Which if the case, we would be laterally buying between $10k-$9k region. We would set a stop loss at the time around where the 200MA in white is.
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.