Good afternoon traders,
Russian Express Invstment brings you an hourly analysis of BTC. To all those people who say that BTC and SPY are not correlated, just show them charts from the last two days. We saw how BTC was viciously being sold off during the trading hours yesterday. Does it mean we should trade them in a same way. No, not at all. BTC has its unique characteristics which makes us to trade it in its own way. One of them is that the market for BTC is open 24 hours. So let's look at what BTC has to offer us, leaving SPY aside.
On a daily, using td sequential, candle is on a sell 9. So if you haven't sold yet at least some of your btc, I would look for a high today on a smaller timeframe using 10min, 30 min or an hourly chart. Look for those overbought conditions on the RSI indicator. MACD is about to cross and become bearish. in my opinion a correction is awaiting us. The next question is, however, how severe is the correction going to be.
Due to the massive pump by the whales in a last few days we can't really tell. Will they be looking to sell off their btc holdings as we are reaching the border of our global triangle ? No one knows, we can only make a good guess based on the technical analysis. We haven't yet crossed the baseline so there isn't much need to be in a full bear mode. Let's draw price action targets at which we will be able to make decisions if those price targets are reached.
Right now we are moving along a strong channel of 8600-8900. It doesn't provide us with much confidence so I would look lower for a more fundamentally stronger support zones
The strongest area of support for us is from 7250 up to 7500. It is located at the bottom of our ascending channel and if we reach it I believe it will hit our trend line on RSI and is therefore a very solid buy zone.
On a higher levels we will test for support on 8000 and 8300.
However, if we will see a reversal without testing lower support zones, our key level will be on a 9200 price and if we will close above 9300 with a full body of a candle we could try and test the upper boundary of a global triangle and test 10k mark. As we see an ascending triangle being formed.
I wish everyone profit, and see you tomorrow
Please Note that
The Content is for informational purposes only, all content on this post is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this post constitutes professional and/or financial advice, nor does any information constitute a comprehensive or complete statement of the matters discussed. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information.
Russian Express Invstment brings you an hourly analysis of BTC. To all those people who say that BTC and SPY are not correlated, just show them charts from the last two days. We saw how BTC was viciously being sold off during the trading hours yesterday. Does it mean we should trade them in a same way. No, not at all. BTC has its unique characteristics which makes us to trade it in its own way. One of them is that the market for BTC is open 24 hours. So let's look at what BTC has to offer us, leaving SPY aside.
On a daily, using td sequential, candle is on a sell 9. So if you haven't sold yet at least some of your btc, I would look for a high today on a smaller timeframe using 10min, 30 min or an hourly chart. Look for those overbought conditions on the RSI indicator. MACD is about to cross and become bearish. in my opinion a correction is awaiting us. The next question is, however, how severe is the correction going to be.
Due to the massive pump by the whales in a last few days we can't really tell. Will they be looking to sell off their btc holdings as we are reaching the border of our global triangle ? No one knows, we can only make a good guess based on the technical analysis. We haven't yet crossed the baseline so there isn't much need to be in a full bear mode. Let's draw price action targets at which we will be able to make decisions if those price targets are reached.
Right now we are moving along a strong channel of 8600-8900. It doesn't provide us with much confidence so I would look lower for a more fundamentally stronger support zones
The strongest area of support for us is from 7250 up to 7500. It is located at the bottom of our ascending channel and if we reach it I believe it will hit our trend line on RSI and is therefore a very solid buy zone.
On a higher levels we will test for support on 8000 and 8300.
However, if we will see a reversal without testing lower support zones, our key level will be on a 9200 price and if we will close above 9300 with a full body of a candle we could try and test the upper boundary of a global triangle and test 10k mark. As we see an ascending triangle being formed.
I wish everyone profit, and see you tomorrow
Please Note that
The Content is for informational purposes only, all content on this post is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this post constitutes professional and/or financial advice, nor does any information constitute a comprehensive or complete statement of the matters discussed. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information.