Hello Traders,
Looking at 4-hour chart for Bitcoin, we start to see the inverse head and shoulders pattern is forming.
Currently, Bitcoin is sitting at $6600 resistance and we should expect some minor up and downs between $6450-$6600 range. (RSI oversold)
After this accumulation phase, Bitcoin will retest $6800 level, which has been acting the major resistance for over a month.
$6800 will be the crucial level for Bitcoin as it will decide the fate of Bitcoin in next few months. If Bitcoin can't break from this level, I am afraid we will see high selling pressure and find support at $6000 again. However, if Bitcoin manages to breakout from $6800, we should expect 7.2-7.5K in next couple weeks or so (pink trendline)
Investors, including myself, are highly anticipating the possibility of a Bitcoin ETF by the August, and I am expecting a massive rally to occur.
It might a good time to accumulate more Bitcoin again :)
Happy trading!
Looking at 4-hour chart for Bitcoin, we start to see the inverse head and shoulders pattern is forming.
Currently, Bitcoin is sitting at $6600 resistance and we should expect some minor up and downs between $6450-$6600 range. (RSI oversold)
After this accumulation phase, Bitcoin will retest $6800 level, which has been acting the major resistance for over a month.
$6800 will be the crucial level for Bitcoin as it will decide the fate of Bitcoin in next few months. If Bitcoin can't break from this level, I am afraid we will see high selling pressure and find support at $6000 again. However, if Bitcoin manages to breakout from $6800, we should expect 7.2-7.5K in next couple weeks or so (pink trendline)
Investors, including myself, are highly anticipating the possibility of a Bitcoin ETF by the August, and I am expecting a massive rally to occur.
It might a good time to accumulate more Bitcoin again :)
Happy trading!
Comment:
I don't think we will see $6.8K Bitcoin today. I start to see bearish divergence in 15 minute chart. Expect some consolidations.
Comment:
Bulls are showing strength today. If we look at the hourly chart for Bitcoin, we see that RSI is finally cooled off and Bollinger Band is starting to narrow. We should expect some actions in next few hours.
Scenario 1: target 7000 and find support at 6800
Scenario 2: more sideways movement followed by another pump to $6800 or $7000
Scenario 3: side way movement followed by bearish breakout down to $6500
Personally, I am very scared of playing bear as bulls are trying their best to defend $6700, so I will stick with scenario 1 and 2.
Scenario 1: target 7000 and find support at 6800
Scenario 2: more sideways movement followed by another pump to $6800 or $7000
Scenario 3: side way movement followed by bearish breakout down to $6500
Personally, I am very scared of playing bear as bulls are trying their best to defend $6700, so I will stick with scenario 1 and 2.
Comment:
Comment:
Bitcoin completed its head and shoulders pattern, and it's at 6800 resistance level.
Currently, it is printing bearish divergence in hourly chart, and we need to see spike in volume and RSI higher than 80 in order to confirm breakout.
I expect some sideways movement in the next few hours or day to cool off the RSI so Bitcoin. There is no negative news as far as I know, so I am confident that we should see bull breakout.
Alt coins are also in consolidation mode, waiting Bitcoin to break from 6800 level.
Currently, it is printing bearish divergence in hourly chart, and we need to see spike in volume and RSI higher than 80 in order to confirm breakout.
I expect some sideways movement in the next few hours or day to cool off the RSI so Bitcoin. There is no negative news as far as I know, so I am confident that we should see bull breakout.
Alt coins are also in consolidation mode, waiting Bitcoin to break from 6800 level.
Comment:
Comment:
There you have it!!! Confirmed breakout with very high volume!!
Trade closed: target reached