Hello friends, followers & traders.
Last analysis didn't go our way, I think the majority did not expect the sudden turn in events. I managed to close my short position in a good time - as i was on leverage the so the drop was still profitable. After the correction Bitcoin proceeded to move higher - being fueled by the short squeeze which led to another subsequent rally. Bitcoin is acting a bit tricky now.
Facts:
The current pattern of Bitcoin could be a bullish ascending-broadening wedge which very well could target the 5.9k level (1.618 extension) drawn out from the same level which I've counted the .782 retracement from (marked purples lines). For this we need to test the 5600 level is the top of the ascending resistance, this seems to be a progress Bitcoin is working on right now.
But first we need to test- and push past the .782 retracement to conclude this as a possible event.
According to the volume profile (bars on the right side) we can see that the 5000-level has been established as a support and holds a decent buying interest as of now.
If this level would fall we could see a sharp decline in price as levels between 5000 and 4000 holds little to no support as of now. 4000 Remains the stronger level for buying interest.
According to the indicators and the current progress - I would conclude that there is still a bullish momentum that is possible to expand, albeit weakening right now.
Warnings
The 1 Day RSI remains just below being overbought.
The 1 Day MACD has made a bearish cross.
We might move a bit higher before we see the awaited correction.
The market is evaluating.
At this point in time, I'm not in a trade.
Feel free to join my telegram channel:
https :// t.me/de_crypt0
Happy Easter!
Last analysis didn't go our way, I think the majority did not expect the sudden turn in events. I managed to close my short position in a good time - as i was on leverage the so the drop was still profitable. After the correction Bitcoin proceeded to move higher - being fueled by the short squeeze which led to another subsequent rally. Bitcoin is acting a bit tricky now.
Facts:
- Bitcoin is about to test the .782 retracement level from the recent high counted from the large bullish candle with the first stoppage from that candle - this could be resistive and a trigger for a broader correction.
- Bitcoin has evidently found support at the 50-EMA, as we can see each time Bitcoin dropped below that point, it has moved back above shortly after since 19th of Februari.
- Bitcoin may already have hit the bottom according to the Mayer Multiple Indicator a few days ago above 1 - this however doesn't mean that we won't see any corrections.
- The tables have turned, from a 70/30 Bearish market sentiment, the current outlook has made a complete reverse to 77/24 Bullish to Bearish sentiment according to coinfarm (As of today 18th of April).
The current pattern of Bitcoin could be a bullish ascending-broadening wedge which very well could target the 5.9k level (1.618 extension) drawn out from the same level which I've counted the .782 retracement from (marked purples lines). For this we need to test the 5600 level is the top of the ascending resistance, this seems to be a progress Bitcoin is working on right now.
But first we need to test- and push past the .782 retracement to conclude this as a possible event.
According to the volume profile (bars on the right side) we can see that the 5000-level has been established as a support and holds a decent buying interest as of now.
If this level would fall we could see a sharp decline in price as levels between 5000 and 4000 holds little to no support as of now. 4000 Remains the stronger level for buying interest.
According to the indicators and the current progress - I would conclude that there is still a bullish momentum that is possible to expand, albeit weakening right now.
Warnings
The 1 Day RSI remains just below being overbought.
The 1 Day MACD has made a bearish cross.
We might move a bit higher before we see the awaited correction.
The market is evaluating.
At this point in time, I'm not in a trade.
Feel free to join my telegram channel:
https :// t.me/de_crypt0
Happy Easter!
Comment:
Another look on the chart made me realize that its highly likely that this could be a bullish ascending triangle as well! Good to take note.
Comment:
For those who don't understand the comment above I have drawn out the proposed ascending pattern that is lining up with the 1.618 extension.
Trade closed: target reached:
Nice nice.
Target met... What now?! We will take another peek into BTC.
Target met... What now?! We will take another peek into BTC.