BTCUSD Critical Level to break for Bullish Continuation!
Hello Traders!,
An update on Bitcoin today, testing a very key resistance zone with multiple technical confluences. We have had a bullish daily candle close right below the 200 MA after trading in range bound in the orange box. Bitcoin will be extremely bullish if it breaks above this zone after an initial triple bottom…
Points to consider,
- Price testing parabola trend
- Local support at $7800 area
- Major Resistance at
o 200 MA
o .50 Fibonacci Level
o Structural Resistance
- Stochastics showing upwards momentum
- RSI reaching resistance
- Daily volume right below average
Bitcoin is trying to push further up in price but is being held by extremely heavy resistance. Price is testing its current parabola trend line, if respected, will put in a higher low, which is very bullish.
Local support currently is at the $7800 region, price has tested this area multiple times, putting in a clear triple bottom before this recent bounce.
Major resistance is in confluence with multiple technical indicators such as the Fibonacci and the 200 MA. This is a very critical area for BTC to break as it will confirm continuation of this overall bull trend. A rejection will most probably push BTC back down in the orange box and retest the triple bottom. This will be a very bearish sign as the more times a technical level is tested, (Support or Resistance) the more prone it is to break…
The stochastics is showing upwards projection, bulls still have more upside momentum stored as it is not overextended. The RSI is currently approaching its resistance; a break of its resistance will increase the probabilities of the bullish scenario.
Volume is very key at this critical point in the trend, we are trading right now just below average, a bullish break needs to be accompanied with heavy bull volume as this will rule out any chances of being a fake out…
Overall, IMO, BTC is more probable to break the 200 MA as the recent pump has held its ground from its triple bottom formation.
We will have a very good trade opportunity if and when BTC breaks this major resistance level…
What are your thoughts?
Please leave a like and comment
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore
An update on Bitcoin today, testing a very key resistance zone with multiple technical confluences. We have had a bullish daily candle close right below the 200 MA after trading in range bound in the orange box. Bitcoin will be extremely bullish if it breaks above this zone after an initial triple bottom…
Points to consider,
- Price testing parabola trend
- Local support at $7800 area
- Major Resistance at
o 200 MA
o .50 Fibonacci Level
o Structural Resistance
- Stochastics showing upwards momentum
- RSI reaching resistance
- Daily volume right below average
Bitcoin is trying to push further up in price but is being held by extremely heavy resistance. Price is testing its current parabola trend line, if respected, will put in a higher low, which is very bullish.
Local support currently is at the $7800 region, price has tested this area multiple times, putting in a clear triple bottom before this recent bounce.
Major resistance is in confluence with multiple technical indicators such as the Fibonacci and the 200 MA. This is a very critical area for BTC to break as it will confirm continuation of this overall bull trend. A rejection will most probably push BTC back down in the orange box and retest the triple bottom. This will be a very bearish sign as the more times a technical level is tested, (Support or Resistance) the more prone it is to break…
The stochastics is showing upwards projection, bulls still have more upside momentum stored as it is not overextended. The RSI is currently approaching its resistance; a break of its resistance will increase the probabilities of the bullish scenario.
Volume is very key at this critical point in the trend, we are trading right now just below average, a bullish break needs to be accompanied with heavy bull volume as this will rule out any chances of being a fake out…
Overall, IMO, BTC is more probable to break the 200 MA as the recent pump has held its ground from its triple bottom formation.
We will have a very good trade opportunity if and when BTC breaks this major resistance level…
What are your thoughts?
Please leave a like and comment
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore
