BTCUSD BITCOIN Analysis: Squeezing at the Ascending Wedge!!
Overall technical analysis looks undecided: traditionally an ascending wedge is seen as a BEARISH omen. BTC BITCOIN looks to have broken down of the wedge tip it has formed the past few weeks, rebounding strongly from the support line @ 9522. Now, it looks to retest the nearest support and also the base line of the ascending wedge @ 9700, its resistance level to overcome.
We look for an hourly closing bullish candle above @ 9750 and a bullish confirmation on the next candle for a UPTREND CONTINUATION.
Overall BULLISH Fundamental Analysis:
- Seems that recent news of vaccine sudies showing positive results have dealt a short term blow to our major safe haven benchmark crypto: BITCOIN, as positive news about vaccines would reduce the current grim outlook (Both BTC and GOLD, seen as a hedge against risks and fiat inflation, would see less inflows of demand from investors with a more positive economic/global outlook naturally)
- I would see this as a temporary pullback, as the vaccine news had only 8 test subjects with more time needed for larger testings, possibly in July to the end of the year 2020 at least
- bullish momentum is still STRONG
As usual, trade carefully with stop losses! Feel free to like and follow my page if you like what I shared = )
Best Regards,
GOLD D ROGER
We look for an hourly closing bullish candle above @ 9750 and a bullish confirmation on the next candle for a UPTREND CONTINUATION.
Overall BULLISH Fundamental Analysis:
- Seems that recent news of vaccine sudies showing positive results have dealt a short term blow to our major safe haven benchmark crypto: BITCOIN, as positive news about vaccines would reduce the current grim outlook (Both BTC and GOLD, seen as a hedge against risks and fiat inflation, would see less inflows of demand from investors with a more positive economic/global outlook naturally)
- I would see this as a temporary pullback, as the vaccine news had only 8 test subjects with more time needed for larger testings, possibly in July to the end of the year 2020 at least
- bullish momentum is still STRONG
As usual, trade carefully with stop losses! Feel free to like and follow my page if you like what I shared = )
Best Regards,
GOLD D ROGER
Comment:
Turns out 9500 region of first support has been flipped to resistance, I see a possible dump after a weak surge up
