Welcome to this quick update guys, I promised I will post another BTC Update as soon as The monthly closes so here it is. I will keep this short. Many traders and authors are silent right now, BTC got confused almost everyone here now, Even me but if you look at the chart applying the basics you might observe some signals coming out of it.
I AM BULLISH ON BTC, WHY?
1.Price is stable above 9k. 2. Every time it dips below 9k We see a spike and high volume buying which shows bulls are very strong here. 3. BTC just broke above the midline of the channel, highly likely it will touch the upper line of the channel. 4. Currently facing the mid line of the BB as a resistance which is likely to break and BTC will test the upper BB Line which will be around $9500.
Invalidation Points: 1.If BTC closes below the 8600 level and making a lower low in the entire 2 month+ PA. 2. BTC is unable to break the 50D MA and the rally happens to be just a retest of the 50D MA Breakdown. The biggest signal you must keep in mind is BTC trading below 50D MA after hitting the 10k level is a very bearish sign so we need to be cautious. Conclusion: BTC is bullish and is likely t o reach the $9500 level but for that it needs to break the 50D MA as well. I expect it to reach this price within the next 3 to 7 days. Any close below the 8600 level will be a bearish sign (I will update if I see such signals from BTC).
I will keep this BTC Chart updated. IF YOU LIKE THIS IDEA PLEASE HIT THAT LIKE BUTTON. and follow me for more future updates.
Stay Safe
#PEACE
Comment
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You can see the Bollinger bands contracting. Indicates a move is incoming in either direction. MIDDLE BB IS CURRENTLY WORKING AS A RESISTANCE Here.
Dont get too exited my friend. Have not seen higher high yet..
Cryptorphic
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@Dan_Wang, What price point is exactly your HH?
There's no excitement, just the facts from the chart.
Dan_Wang
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@Cryptorphic, My bad, I meant to say higher low. first btc need to break above 9300 mini resistance, then confirm it as support ( or big green candle break through it with large volume) , then lets talk about bullish case.
Cryptorphic
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@Dan_Wang, Haha.
Agreed about the 9300 level but but I am a technical Analyst, my primary goal is to speculate the upcoming not explaining what already happened! So yeah we do wait for confirmations but it's more important to be ready beforehand.
Sam_Harvey
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Thank you for sharing your excellent knowledge and especially, for Coinbase coins posts.