BTCUSD daily - consolidation and preparation for strong move
BTCUSD is bouncing around the lower trend line for a rising vedge pattern while at the same time, the bitcoin volatility index is at almost ATL which indicates a strong and powerful move.
The volume is neutral to bearish due to the smaller and smaller volume .
The RSI is in a neutral position.
MACD histogram ticks are slowing their increase while MACD and signal line is moving up. Zero line of MACD could act as resistance.
Overall: BTCUSD has a lot of room to fall to the lower trend line and support. In the event of a further decline, it is expected that it will be rejected at the levels of the last bottom of 15460, however, very likely only in the short term.
On the other side, a strong daily close above 16900-17100 would invalidate these patterns and represent a death hook pattern or fake breakout and would be bullish .
Growth would be likely up to the next trend line (blue), i.e. approx. 18,000.
At the moment, due to the QQQ and SPY nondecision, BTCUSD , in my opinion, is in neither the long nor short area. Avoid it for now! Short term there is a chance for a bullish move, but mid-term bitcoin is still in huge problems.
The volume is neutral to bearish due to the smaller and smaller volume .
The RSI is in a neutral position.
MACD histogram ticks are slowing their increase while MACD and signal line is moving up. Zero line of MACD could act as resistance.
Overall: BTCUSD has a lot of room to fall to the lower trend line and support. In the event of a further decline, it is expected that it will be rejected at the levels of the last bottom of 15460, however, very likely only in the short term.
On the other side, a strong daily close above 16900-17100 would invalidate these patterns and represent a death hook pattern or fake breakout and would be bullish .
Growth would be likely up to the next trend line (blue), i.e. approx. 18,000.
At the moment, due to the QQQ and SPY nondecision, BTCUSD , in my opinion, is in neither the long nor short area. Avoid it for now! Short term there is a chance for a bullish move, but mid-term bitcoin is still in huge problems.
Comment:
Bitcoin returns to the pattern area which is like I wrote bullish. Stop loss is at 16 950 area and take profit is at 17 950.
Trade closed: target reached:
Target reached and I am out!
Nice income trade from 17 to 18 000 of 5.9%.
Nice income trade from 17 to 18 000 of 5.9%.
Consistency is the key of success....