Good morning guys,
sorry if I am a little quiet at the moment, still struggling a bit here.
Anyhow, I am aware a lot of traders already called the bottom and classified bitcoin´s recovery as break-out. I´d be very careful with this, due to the fact we are just in front of the very important Monthly Pivot, that usually has the ability to turn the picture very fast. Bitcoin touched red and then bounced off the SMA100 and has been oversold, which recently marked lows (also tops, overbought on Stoch) and also produced a hidden bullish divergence which helped the price to recover. It does look more bullish now, I am going to wait until this Monthly Pivot is broken and will see if the volume is able to pick up a little. (It´s always a good idea to switch to lower intervals to monitor that: H1-H4 f.e.)
The yellow box played nicely as key-level and former resistance became support now. Just maybe, this is a goodbye to 4 digits. Resistance around $10770 upcoming. Big support around $10k.
________________________________________________________________
Warm regards,
Neru
sorry if I am a little quiet at the moment, still struggling a bit here.
Anyhow, I am aware a lot of traders already called the bottom and classified bitcoin´s recovery as break-out. I´d be very careful with this, due to the fact we are just in front of the very important Monthly Pivot, that usually has the ability to turn the picture very fast. Bitcoin touched red and then bounced off the SMA100 and has been oversold, which recently marked lows (also tops, overbought on Stoch) and also produced a hidden bullish divergence which helped the price to recover. It does look more bullish now, I am going to wait until this Monthly Pivot is broken and will see if the volume is able to pick up a little. (It´s always a good idea to switch to lower intervals to monitor that: H1-H4 f.e.)
The yellow box played nicely as key-level and former resistance became support now. Just maybe, this is a goodbye to 4 digits. Resistance around $10770 upcoming. Big support around $10k.
________________________________________________________________
Warm regards,
Neru
Comment:
BTC hitting Monthly Pivot now.