Hi all,
BTC avoided a drop below $9,000 this weekend even though we saw the price of the biggest cryptocurrency trading as low as $8,830 on Saturday. It temporarily broke below the long-term downtrend (white-dotted line), but recovered in the later hours of trading.
Yesterday, it rebounded from the $9k support, but only managed to reach the $9,150 line.
Few things are visible on the daily chart:
1. Long-term uptrend is intact, as the price of BTCUSD is still trading above the long-term downtrend.
2. It also avoided a drop below the uptrend we drew from the last time the coin visited $8,600 on May 11 (blue-dotted line). Effectively this means we are in a correction mode, not in a trend reversal until the $8,600-$8,700 support is broken.
3. Trading volumes are on the average for the last 30-days or around $21 billion on a 24-hour basis.
4. The bearish divergence we mentioned on our Wednesday update played its role and resulted in a drop below the then present support zones. But it is out of the picture now already, so we need to look into the current setups.
What I think is that we won't see a pullback to $8,700 in the current move, but even if it happens it won't be critical for the long-term uptrend as explained above.
On the 1-h chart, we see a bullish flag formation that can be a result of the decreasing bear pressure and if it comes into reality will drive us back to $9,300. There is also a potential ascending triangle formation, but let's see first how the setup will evolve and if the price gets rejected at the horizontal line again.
BTC avoided a drop below $9,000 this weekend even though we saw the price of the biggest cryptocurrency trading as low as $8,830 on Saturday. It temporarily broke below the long-term downtrend (white-dotted line), but recovered in the later hours of trading.
Yesterday, it rebounded from the $9k support, but only managed to reach the $9,150 line.
Few things are visible on the daily chart:
1. Long-term uptrend is intact, as the price of BTCUSD is still trading above the long-term downtrend.
2. It also avoided a drop below the uptrend we drew from the last time the coin visited $8,600 on May 11 (blue-dotted line). Effectively this means we are in a correction mode, not in a trend reversal until the $8,600-$8,700 support is broken.
3. Trading volumes are on the average for the last 30-days or around $21 billion on a 24-hour basis.
4. The bearish divergence we mentioned on our Wednesday update played its role and resulted in a drop below the then present support zones. But it is out of the picture now already, so we need to look into the current setups.
What I think is that we won't see a pullback to $8,700 in the current move, but even if it happens it won't be critical for the long-term uptrend as explained above.
On the 1-h chart, we see a bullish flag formation that can be a result of the decreasing bear pressure and if it comes into reality will drive us back to $9,300. There is also a potential ascending triangle formation, but let's see first how the setup will evolve and if the price gets rejected at the horizontal line again.
Comment:
Something is wrong with the main chart here as most of the indicators and levels do not appear. I need to send this for checks with support team at TV
Comment:
Here it is:
Comment:
Bull flag resulted in an uptrend move last night, but it went halfway only, stopping at $9,200 and not $9,300 as initially predicted.
But looking at the lower timeframes, the move still looks ok, making higher lows an higher highs as well. Is $9,300 next
But looking at the lower timeframes, the move still looks ok, making higher lows an higher highs as well. Is $9,300 next
