CryptoAngels

Detailed analysis of #BTC on 24/07/2018

BINANCE:BTCUSDT   Bitcoin / TetherUS
News Analysis
News background is quite positive. Even though there are no significant upcoming events, the latest BTC rise is a popular discussion on mass media. Lots of experts believe, that the trend is not over yet.

Volume Analysis

Volume on red candlesticks is about the same as it is on the green ones. Sometimes volume on green candlesticks is bigger, but not significantly. This indicates interest of the market.

Support/Resistance Level Analysis
Timeframe: 1H
Yesterday the rate broke resistance level at $7, 500 (1), that was first tested on June 17. And today the price is above $7, 800 (2) – second resistance level that bulls couldn`t break yesterday. And now this level needs to be tested as support. Speaking of the next resistance level , it is hard to predict as it has been a long time since the price reached this mark last time.

Timeframe: 1D
On daily timeframes after inverse head and shoulders was formed an active price growth began. After the resistance level at $7, 500 (1) was broken, the growth continued. Next resistance level is noticeable at $8, 350.

Indicator Analysis
Timeframe: 1H
RSI is in the overbought zone.
The rate is moving high above the Ichimoku cloud .
Alligator lines are moving further apart.
These indicators prove the domination of bulls on the market.

Timeframe: 1D
The rate broke through the red Ichimoku cloud .
Alligator lines keep moving apart.
Bollinger Bands are wide and point upwards, the rate is moving under its top line.
RSI is in the overbought zone.
These factors imply the bullish trend .


Action Plan
After such rapid growth correction is expected. Those who opened positions before the trend beginning can wait for its continuation. Chart maximums correspond to RSI maximums, so divergence wasn`t spotted. Those, who haven`t done so, should wait for the correction (the price will likely drop to about $8, 000) to enter the market more profitably.
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