Hey! I am back with another Idea this time looking at Bitcoin.
I was worried about Bitcoin when it has broken down the overall uptrend support trend lines (at letter A) and has failed to get back into this uptrend area (letter B).
After this penetration of uptrend support area was unsuccessful, Bitcoin had to retest low of support area (C)7,765 to 7,600$ which was successful and Bitcoin has managed to perform another resistance area test, but failed but has found support at the top of support area(E) and this was the first sign of performing uptrend.
Again the same thing, first time the bottom of resistance was tested (D) and then next time the top of resistance area was tested with also an uptrend test (F). That was unsuccessful but Bitcoin has managed to find support at support area and has managed to test this level for one more day and broke through massively!
Current situation.
Bitcoin is currently testing resistance area and has a lot of uptrends levels to rely on. I think that next move will be a test of the top of the resistance area then it would be ideal for Bitcoin to find support at 8,740$ with the help of many uptrends.
That would be all from me! If you think that I have forgot to mention something important, ask me down below! Also I will post updates in any timeframe.
Thanks and good luck trading!
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Here is 15 min update. Currently in a flag, preparing for a sharp move as its currently below strong resistance level. Keep on watching some price action.
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Two weeks update I hope each one of you is aware of weekly and more time frames.. Basically we have a long term uptrend rising and the fact that two week RSI has broken through 60 level and has managed to find support on its literally crazy bullish in my opinion!
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15 min update, Bitcoin currently is testing lower level of flag with good looking shadows.
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1 hour update, as I have said, Bitcoin was in flag with a good looking shadows on uptrend, shown a double bottom RSI and has managed to break from this flag..
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15 min chart, currently in resistance area. 8870 is current resistance, 8700 support. Starting to look like an ascending triangle, RSI still above 60 which is a bullish sign
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The fact that Bitcoin is on hourly chart still above 60 demand level is a very bullish sign for such period of time. Very good sign that what was the strong resistance level (8960) now acts as support. Still room to grow here.