COINBASE:BTCUSD Bitcoin / U.S. Dollar
Looking at our higher timeframe we see BTC found support at $7,000 and has been in a minor uptrend since. showing momentum is in favor of the bulls with no signs of slowing down. Price is now testing our resistance at $10,500 a break from this level leads to the targets shown in the pictures.
Shifting over to our pattern timeframe we BTC has been following structure beautifully, our previous major resistance was at $9,500. Price broke above $9,500 and came back down to test for support (dotted Line) now showing momentum is stuck in consolidation, and we could be stuck here for a couple of days before making a big move.
Finally looking at the trigger timeframe we see the price has not broken our uptrend structure and this would be a good spot to add a position. showing momentum has cooled off from the short term bears and we should expect a turnaround. A 4hour close above $10260 indicates we are heading towards the upside, rejection from this level and it could get ugly.
All Content on this site is the information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto