Well folks, it seems the inevitable has finally happened. With BTC's momentum shifting from Bearish to Bullish, we're likely to see higher highs and also higher lows going forward. I'll try to keep this one short. You may remember in my previous analysis I was still leaning a little more Bearish, but simply because we did not have any distinct evidence that a turn to the upside had happened YET. I emphasise YET, because I think we all knew that a shift upwards was on the cards, but when it comes to picking tops and bottoms, it's always 50/50. However, as mentioned, it seems BTC's momentum has now shifted upwards again, with the last close on the 4 hour chart slightly higher than the previous one. Now - what to look for? Pretty obvious right? Buy the dips, sell the highs, and repeat. Or, buy a dip and HODL if you want a long term position.
On the 4 hour Chart you'll see BTC may already have formed a new support trendline upwards ( Line #1 ) and also a possible - (emphasize POSSIBLE) - upper resistance trendline ( Line #2 ). So my strategy would obviously be to buy on the dips, once you see the price bounce back up from a significant enough support level. There also seems to be a less significant support AND resistance line running along inside that upper trend channel between Lines #1 and #2 - I've marked it line #3. Hopefully that may give you just that extra little bit of insight into what we may expect within the current uptrend channel, which we can now see already started forming in early February. What's that saying again? - Hindsight always provides you with 20/20 vision. So that's it for now, I'm not going to call out any specific price levels here, but I'm sure the chart analysis would give you plenty of info.
Once again, this is not investment advice - just a summary of my own technical analysis. You should always do your own research and trade carefully at your own risk. Happy weekend and happy trading everybody!
On the 4 hour Chart you'll see BTC may already have formed a new support trendline upwards ( Line #1 ) and also a possible - (emphasize POSSIBLE) - upper resistance trendline ( Line #2 ). So my strategy would obviously be to buy on the dips, once you see the price bounce back up from a significant enough support level. There also seems to be a less significant support AND resistance line running along inside that upper trend channel between Lines #1 and #2 - I've marked it line #3. Hopefully that may give you just that extra little bit of insight into what we may expect within the current uptrend channel, which we can now see already started forming in early February. What's that saying again? - Hindsight always provides you with 20/20 vision. So that's it for now, I'm not going to call out any specific price levels here, but I'm sure the chart analysis would give you plenty of info.
Once again, this is not investment advice - just a summary of my own technical analysis. You should always do your own research and trade carefully at your own risk. Happy weekend and happy trading everybody!