We have definitively witnessed some interesting action in the last couple hours (and also during the last couple of days). Let's have a look at the 4H chart.
https://www.tradingview.com/x/RmuWkqKo/[\image]
All through yesterday, BTC was wrestling with the support of the ascending triangle (that I mentioned in my previous post). In the past 24 hours, - the price came down all the way to the 50-period (4H) SMA (green curve); - quickly spiked to the 12,100 level; - got rejected at the 12,100 level; - dropped back to the .618 Fib; and, finally - bounced back, to find support at the to the21-period (4H) SMA/EMA (red and blue curve).
When I up, the prices was just over 12,000 and I decided to close my long position (based on gut feeling). => I wrote an update to my previous post, but somehow, the text doesn't show (except for "Quick update!", which is kinda worthless...) => I re-entered a long position, in the 11,600 - 11,700 area.
There's a few thoughts I want to share with you guys:
- Despite the volatility of the last 24 hours, the ascending triangle is till valid (in my opinion).
- Mark that (in the course of the last week) BTC has (in this order) tested the .236, .382, .5 and .618 Fib levels (the 4 blue rectangles).
- BTC is currently resting on the 21-period (4H) SMA and EMA (~11,730), with the .786 (11,770) nearby. If BTC van manage a few candle closes above these levels, this may become a solid primary support zone. => The area of confluence of the 50-period (4H) SMA (11,540) and the .618 Fib (11,511) would then be a secondary support zone.
- So far, we got rejected twice at the 12,100 level. However, the uptrend that started after the first rejection is still intact. This observation, together with the "fact" that BTC's price typically breaks a (strong) level of resistance at or after the 3 (re-)test, makes me believe that a break of the 12,100 level is possible in the short/medium term.
Therefore, I remain bullish! ___________________________________________________________________________________________________
OPINION (unchanged): BULLISH
ANALYSIS (updated): ----------------------------- See above
We have definitively witnessed some interesting action in the last couple hours (and also during the last couple of days). Let's have a look at the 4H chart.
https://www.tradingview.com/x/RmuWkqKo/[\image]
All through yesterday, BTC was wrestling with the support of the ascending triangle (that I mentioned in my previous post). In the past 24 hours, - the price came down all the way to the 50-period (4H) SMA (green curve); - quickly spiked to the 12,100 level; - got rejected at the 12,100 level; - dropped back to the .618 Fib; and, finally - bounced back, to find support at the to the21-period (4H) SMA/EMA (red and blue curve).
When I up, the prices was just over 12,000 and I decided to close my long position (based on gut feeling). => I wrote an update to my previous post, but somehow, the text doesn't show (except for "Quick update!", which is kinda worthless...) => I re-entered a long position, in the 11,600 - 11,700 area.
There's a few thoughts I want to share with you guys:
- Despite the volatility of the last 24 hours, the ascending triangle is till valid (in my opinion).
- Mark that (in the course of the last week) BTC has (in this order) tested the .236, .382, .5 and .618 Fib levels (the 4 blue rectangles).
- BTC is currently resting on the 21-period (4H) SMA and EMA (~11,730), with the .786 (11,770) nearby. If BTC van manage a few candle closes above these levels, this may become a solid primary support zone. => The area of confluence of the 50-period (4H) SMA (11,540) and the .618 Fib (11,511) would then be a secondary support zone.
- So far, we got rejected twice at the 12,100 level. However, the uptrend that started after the first rejection is still intact. This observation, together with the "fact" that BTC's price typically breaks a (strong) level of resistance at or after the 3 (re-)test, makes me believe that a break of the 12,100 level is possible in the short/medium term.
Therefore, I remain bullish! ___________________________________________________________________________________________________
OPINION (unchanged): BULLISH
ANALYSIS (updated): ----------------------------- See above
Comment
⋅
Guys,
there's something very weird going on with TV. It cuts my text after just few sentences.
We have definitively witnessed some interesting action in the last couple hours (and also during the last couple of days).
Let's have a look at the 4H chart.
https://www.tradingview.com/x/RmuWkqKo/[\image]
All through yesterday, BTC was wrestling with the support of the ascending triangle (that I mentioned in my previous post).
In the past 24 hours,
- the price came down all the way to the 50-period (4H) SMA (green curve);
- quickly spiked to the 12,100 level;
- got rejected at the 12,100 level;
- dropped back to the .618 Fib; and, finally
- bounced back, to find support at the to the21-period (4H) SMA/EMA (red and blue curve).
When I up, the prices was just over 12,000 and I decided to close my long position (based on gut feeling).
=> I wrote an update to my previous post, but somehow, the text doesn't show (except for "Quick update!", which is kinda worthless...)
=> I re-entered a long position, in the 11,600 - 11,700 area.
There's a few thoughts I want to share with you guys:
- Despite the volatility of the last 24 hours, the ascending triangle is till valid (in my opinion).
- Mark that (in the course of the last week) BTC has (in this order) tested the .236, .382, .5 and .618 Fib levels (the 4 blue rectangles).
- BTC is currently resting on the 21-period (4H) SMA and EMA (~11,730), with the .786 (11,770) nearby.
If BTC van manage a few candle closes above these levels, this may become a solid primary support zone.
=> The area of confluence of the 50-period (4H) SMA (11,540) and the .618 Fib (11,511) would then be a secondary support zone.
- So far, we got rejected twice at the 12,100 level. However, the uptrend that started after the first rejection is still intact.
This observation, together with the "fact" that BTC's price typically breaks a (strong) level of resistance at or after the 3 (re-)test, makes me believe that a break of the 12,100 level is possible in the short/medium term.
Therefore, I remain bullish!
___________________________________________________________________________________________________
OPINION (unchanged): BULLISH
ANALYSIS (updated):
-----------------------------
See above
Hi everyone,
... back with another update.
So... Yes, I am still bullish.
We have definitively witnessed some interesting action in the last couple hours (and also during the last couple of days).
Let's have a look at the 4H chart.
https://www.tradingview.com/x/RmuWkqKo/[\image]
All through yesterday, BTC was wrestling with the support of the ascending triangle (that I mentioned in my previous post).
In the past 24 hours,
- the price came down all the way to the 50-period (4H) SMA (green curve);
- quickly spiked to the 12,100 level;
- got rejected at the 12,100 level;
- dropped back to the .618 Fib; and, finally
- bounced back, to find support at the to the21-period (4H) SMA/EMA (red and blue curve).
When I up, the prices was just over 12,000 and I decided to close my long position (based on gut feeling).
=> I wrote an update to my previous post, but somehow, the text doesn't show (except for "Quick update!", which is kinda worthless...)
=> I re-entered a long position, in the 11,600 - 11,700 area.
There's a few thoughts I want to share with you guys:
- Despite the volatility of the last 24 hours, the ascending triangle is till valid (in my opinion).
- Mark that (in the course of the last week) BTC has (in this order) tested the .236, .382, .5 and .618 Fib levels (the 4 blue rectangles).
- BTC is currently resting on the 21-period (4H) SMA and EMA (~11,730), with the .786 (11,770) nearby.
If BTC van manage a few candle closes above these levels, this may become a solid primary support zone.
=> The area of confluence of the 50-period (4H) SMA (11,540) and the .618 Fib (11,511) would then be a secondary support zone.
- So far, we got rejected twice at the 12,100 level. However, the uptrend that started after the first rejection is still intact.
This observation, together with the "fact" that BTC's price typically breaks a (strong) level of resistance at or after the 3 (re-)test, makes me believe that a break of the 12,100 level is possible in the short/medium term.
Therefore, I remain bullish!
___________________________________________________________________________________________________
OPINION (unchanged): BULLISH
ANALYSIS (updated):
-----------------------------
See above