BTC pumped for the last 12 days and now it's compressed in a very tight channel which is formed by a resistance and a support.
From the 25th of March to date it formed a V-formation pattern, I posted one on RSRUSDT yesterday, usually these kind of patterns reach the neckline, retest it and then pump. At 1h and 4h the candles of the last day and 9h form a small asymmetrical triangle indicating it could go up as well. Price is over EMA 200 even at 15min (but slightly here) and ichimoku cloud gives positive signs.
HOWEVER two signs indicate the opposite:
1) BTC dominance is testing a support, if it goes down BTC's price will follow;
2) ADX+DI (not shown here) indicates uncertainty with a tendency toward retracement
For sure BTC is about to move, Squeeze momentum indicator shows clearly that price is too much compressed (more or less conferming what I said at the begin with the channel).
So, I'm not posting this signal as "long" because you have to watch out if you long this one, it might turn out to be a dump. If you enter the trade for long use a stop loss.
SUPER CONSERVATIVE SL is at at 57908USDT
CONSERVATIVE SL: 57561USDT
If you do margin trade adjust them accordingly.
From the 25th of March to date it formed a V-formation pattern, I posted one on RSRUSDT yesterday, usually these kind of patterns reach the neckline, retest it and then pump. At 1h and 4h the candles of the last day and 9h form a small asymmetrical triangle indicating it could go up as well. Price is over EMA 200 even at 15min (but slightly here) and ichimoku cloud gives positive signs.
HOWEVER two signs indicate the opposite:
1) BTC dominance is testing a support, if it goes down BTC's price will follow;
2) ADX+DI (not shown here) indicates uncertainty with a tendency toward retracement
For sure BTC is about to move, Squeeze momentum indicator shows clearly that price is too much compressed (more or less conferming what I said at the begin with the channel).
So, I'm not posting this signal as "long" because you have to watch out if you long this one, it might turn out to be a dump. If you enter the trade for long use a stop loss.
SUPER CONSERVATIVE SL is at at 57908USDT
CONSERVATIVE SL: 57561USDT
If you do margin trade adjust them accordingly.
Comment:
It looks my gut was right :D I hope you followed my signal. Seems that 59362USDT became a support now as price bounced on it. Let's wait and see what's gonna happen
Comment:
Make no mistakes, BTC is in a downtrend unless it closes a candle (even a 15min one) over 58015. Alts will be affected as usual. What a shitty way to start Easter day 🙄
Comment:
BTC is flirting with the resistance. I repeat, I'll consider the retracement over only if it closes a candle over that 58015 (unless it closes a bearish candle off course :D )
Comment:
No entire candles closed over 58015, only went over that price. As you can see we are now below that resistance. BTC.D is going down (check my other TA on my profile) and this plays a factor in BTC's price. To go up we need a bullish 4h candle closed.