I don't normally do shorter charts, I prefer mid-longer term trading when charting but this was of value to me at the moment with my current strategy so sharing.
We have broke through so many resistances with out much sweat, its no surprise to eventually exhaust the run with a need to take a breather. Here we met a long term diagonal resistance which we tried to break meaningfully only to be further repressed by our next resistance point @10,500.
We are currently in an upper channel which launching from here will give us our best opportunity to break the resistance that just restrained us. If we hold $9900, we have a good chance to break through both these resistances on the next run after a little consolidation probably. If this holds I suspect the run will occur within the next couple of days.
If we don't retain $9900, we have established fairly notable support @$9750. What we want to avoid is going below $9700 as it will likely establish that we have initiated a potential descending pattern barring anomalies.
Overall if we do pull back, its unlikely we would go below $9300 but more likely to retain $9450. There is a chance we convert that bottom line labeled diagonal historic resist/support to the bottom of an ascending wedge with $10500 top with a breakout around mid March but way too soon to call that.
Overall I am bullish on crypto 2020.
This isn't investment advice, just sharing my findings, DYOR.
Also consider using our site for some of your research, integrated TV charts with some unique and useful data as well. The two year trend of order books for BTC indicates liquidity is trending up nicely feeding the momentum. See this data and so much more @ vcdepth.io
BTC, 100% orderbooks and price action over two years with 50d and 200d SMA
We have broke through so many resistances with out much sweat, its no surprise to eventually exhaust the run with a need to take a breather. Here we met a long term diagonal resistance which we tried to break meaningfully only to be further repressed by our next resistance point @10,500.
We are currently in an upper channel which launching from here will give us our best opportunity to break the resistance that just restrained us. If we hold $9900, we have a good chance to break through both these resistances on the next run after a little consolidation probably. If this holds I suspect the run will occur within the next couple of days.
If we don't retain $9900, we have established fairly notable support @$9750. What we want to avoid is going below $9700 as it will likely establish that we have initiated a potential descending pattern barring anomalies.
Overall if we do pull back, its unlikely we would go below $9300 but more likely to retain $9450. There is a chance we convert that bottom line labeled diagonal historic resist/support to the bottom of an ascending wedge with $10500 top with a breakout around mid March but way too soon to call that.
Overall I am bullish on crypto 2020.
This isn't investment advice, just sharing my findings, DYOR.
Also consider using our site for some of your research, integrated TV charts with some unique and useful data as well. The two year trend of order books for BTC indicates liquidity is trending up nicely feeding the momentum. See this data and so much more @ vcdepth.io
BTC, 100% orderbooks and price action over two years with 50d and 200d SMA