Hello traders,
Here's a quick update on BTC USD. As you can see I'll be using the 4 hour and the Daily time-frame for this analysis.
There's a similar setup with the last week's analysis on BTCUSD, because it seems like everything is still going according to the main analysis we made.
After reaching our first downside target of $9700, it looks like it triggered the buy orders which took the price all the way up to 10300.
Now, as you can see we have broken above a descending trend-line on both 4H and 1D time-frame, which indicates a further upside push. However there are two main key levels that you'll need to keep into the consideration, the $10150 support which has already been covered on previous analysis, and the $10487 resistance.
As you can see we're lacking momentum upon breaking above the trend-line as the 10487 resistance level triggered the sell orders which resulted with that huge spike on the 4H and Daily.
As we currently are on a no mans land situation, we've to start monitoring closely the key levels I already mentioned. We need a closure on both time-frames above the descending trend lines which would take us towards 10487 level of resistance. If we break above this level then the 10800 would be our upside target. (10800 could also validate or INvalidate the H/S on the Daily, as it also serves as a neckline for the pattern)
However if we do not manage to hold above the trend-line and the support region there's a great possibility for BTC to spike toward 9700 once again and re-test the level that has been already tested once this week.
From the Fundamental point of view we still have a couple of days left until the official BAKKT launch, which favors the bears more than it favors the bulls. and this may be the reason we anticipated a decline on BTC while the alts were going up.
Let's see how it unfolds. Happy trading.
Here's a quick update on BTC USD. As you can see I'll be using the 4 hour and the Daily time-frame for this analysis.
There's a similar setup with the last week's analysis on BTCUSD, because it seems like everything is still going according to the main analysis we made.
After reaching our first downside target of $9700, it looks like it triggered the buy orders which took the price all the way up to 10300.
Now, as you can see we have broken above a descending trend-line on both 4H and 1D time-frame, which indicates a further upside push. However there are two main key levels that you'll need to keep into the consideration, the $10150 support which has already been covered on previous analysis, and the $10487 resistance.
As you can see we're lacking momentum upon breaking above the trend-line as the 10487 resistance level triggered the sell orders which resulted with that huge spike on the 4H and Daily.
As we currently are on a no mans land situation, we've to start monitoring closely the key levels I already mentioned. We need a closure on both time-frames above the descending trend lines which would take us towards 10487 level of resistance. If we break above this level then the 10800 would be our upside target. (10800 could also validate or INvalidate the H/S on the Daily, as it also serves as a neckline for the pattern)
However if we do not manage to hold above the trend-line and the support region there's a great possibility for BTC to spike toward 9700 once again and re-test the level that has been already tested once this week.
From the Fundamental point of view we still have a couple of days left until the official BAKKT launch, which favors the bears more than it favors the bulls. and this may be the reason we anticipated a decline on BTC while the alts were going up.
Let's see how it unfolds. Happy trading.
