BTC Breakout has been Instrumental! - Quick Update :-)
As you can see the breakout has cleared expectations quite massively
It broke to our expected areas, highlighted by the % change ranges and also the 1.618 fib
However it then flipped these areas to support and has now reached the 2.618 fib
This is a crazy push, the MACD positive cross helped the momentum printing an almost $2000 candle
If it can flip the 2.618 to support then happy days, it could keep running/consolidating around that area
Be careful though, as at such price discovery, if it were to drop it would do so quickly - remember the Bart Simpson shapes of old
I've got my eyes on the wick formations on the candles as that could highlight a top, as candles with big wicks on top would suggest selling pressure - will be using 1HR and 4HR charts predominantly
Also look for bearish divergence, can be very strong on BTC especially on the 4HR
These would be indicators to not enter longs/spot positions, but maybe to open short positions, however with increased volatility opening shorts will be risky in such an uptrend
This run has been so bullish though and will most likely continue, but there will be a pullback, maybe it will be now due to the 2.618 fib or maybe at 35K
Trade steady and lets make the most of this astonishing bull run!
Quickly on a side note - doge coin has done very good things as it hit a major support on weekly timeframes against BTC
Also ETH and LTC are running well, where LTC looks to flip the top of a range into support - eyes on 146 and ETH eyeing up the fundamental 800
XRP is still stinking due to its SEC case - ranging from 0.18 to 0.24 but not building any sort of momentum for a proper run which is not surprising - I have stayed away for now!
It broke to our expected areas, highlighted by the % change ranges and also the 1.618 fib
However it then flipped these areas to support and has now reached the 2.618 fib
This is a crazy push, the MACD positive cross helped the momentum printing an almost $2000 candle
If it can flip the 2.618 to support then happy days, it could keep running/consolidating around that area
Be careful though, as at such price discovery, if it were to drop it would do so quickly - remember the Bart Simpson shapes of old
I've got my eyes on the wick formations on the candles as that could highlight a top, as candles with big wicks on top would suggest selling pressure - will be using 1HR and 4HR charts predominantly
Also look for bearish divergence, can be very strong on BTC especially on the 4HR
These would be indicators to not enter longs/spot positions, but maybe to open short positions, however with increased volatility opening shorts will be risky in such an uptrend
This run has been so bullish though and will most likely continue, but there will be a pullback, maybe it will be now due to the 2.618 fib or maybe at 35K
Trade steady and lets make the most of this astonishing bull run!
Quickly on a side note - doge coin has done very good things as it hit a major support on weekly timeframes against BTC
Also ETH and LTC are running well, where LTC looks to flip the top of a range into support - eyes on 146 and ETH eyeing up the fundamental 800
XRP is still stinking due to its SEC case - ranging from 0.18 to 0.24 but not building any sort of momentum for a proper run which is not surprising - I have stayed away for now!