But would be nice if BTC closes a candle above this light blue line at $ 9.2, it would be a very good sign, in my opinion. Now, let’s look at the hourly chart, as always:
It started a (higher highs and higher lows), is trading above the 21 and we can draw a pattern. Theoretically, rising should do downward breakout, but this is not a rule. In fact, rising wedge’s downward breakout are one of the worst performing patterns to trade, accordingly to Bulkowski – I recommended his books in one of my yesterday’s analysis, the link to it is below!
Now, let’s see the weekly chart:
In my opinion, the bulls are just gathering strength here, and it seems we will escape from this soon. And I’m optimistic about the volume too, as Charles Dow would say: “The must confirm the trend”. Now, since you are still here, how about leave a comment, even if you disagree with me? Tell me what you think and remember to follow me to keep updated!
I’ll maintain what I said in my last analysis, and it’s worth to hold BTC for a while. We are on a streak of winning trades, and we can take our chances here. Again, no reason to panic!
Remember to follow me, I’m a trader who uses the classic (barely any indicator, just the candles and the ). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
If I was out, I would wait a little more, if the bulls frustrate this H&S then we may see a rally here. BTC is in a decisive point right now, and we should be patient.
That's it moomoo, good trades.
We broken the trendline creating lower high giving signal of trend exhaustion. If we create another lower low we will cross 50 level indicating more downward pressure. We created mirror scheme to the one from February.
We are currently at 38 level and still going down. If BTC will move to the upside now it's likely to create a big bearish divergence at important level. Notice that it was moving down while price moving to the upside during last bounce (since the volume was too low).
We are facing cloud resistance on weekly. Looks like we are getting rejected for now(but candle hasn't closed yet).
In addition weekly momentum looks like it's near exhaustion
Having it considered:
Most probable scenario for me is BTC run up to blue triangle bound making lower high and creating huge bearish divergence on MFI/RSI causing another selloff (breaking trendline) with target to 7200 (Ichimoku daily cloud).
I'm curious what you think :) I'm open for discussion
Keep up, man! Very good work!
I wish you well.
Thank you, and I wish you the best!