After a long silence with any coin analysis in here, I decided that July will be again more active. $BTC is currently trading in a range between $30k and $36.5k, at least for the past week and more.
We have broken out of (short-term)downtrend, following the rejection at $40k on June 16, after we dipped to levels just below $29k - that was a scary few hours👻. The dip gave enough fuel to bulls to push the price off of 30k level and gave us some hope, at least from having a full on bear market (for now). Price action after that broke through 55 SMA and 1h Ichimoku cloud, fixed above it and made a new Higher High (HH). In the second wave, following slight correction it reached the middle of current trading range at $35k. From there we saw and immediate rejection and descent back down to $30k level, which acted as strong support again and bounced the price from a new Higher Low, turning the move again to bullish (in short term).
We reached $36.5k level in that wave, confirming that short-term is bullish with new HH. Price action turned back down, formed a descending channel in which we're currently trading - right around $33k, where we seem to have a good support level, just below 0.5 Fibo.
Now we should see a break of current descending channel and look for an entry on retest around $33.3k level. Price should then break through Ichi cloud, hitting first target at $35,220 in the middle of current trading range, then climb towards the top of range at $40k. My targets, which are also S/R levels, are marked with cyan on the right side. SL is hard set at $31,5k.
The chart is pretty stuffed, so it might be hard to read, but there are multiple indicators to confirm the bullish bias - MACD crossed and is moving up, RSI is moving up and will be above 50 any moment now and so is MFI.
Let's see how this idea plays out 🤓 #not-financial-advice
We have broken out of (short-term)downtrend, following the rejection at $40k on June 16, after we dipped to levels just below $29k - that was a scary few hours👻. The dip gave enough fuel to bulls to push the price off of 30k level and gave us some hope, at least from having a full on bear market (for now). Price action after that broke through 55 SMA and 1h Ichimoku cloud, fixed above it and made a new Higher High (HH). In the second wave, following slight correction it reached the middle of current trading range at $35k. From there we saw and immediate rejection and descent back down to $30k level, which acted as strong support again and bounced the price from a new Higher Low, turning the move again to bullish (in short term).
We reached $36.5k level in that wave, confirming that short-term is bullish with new HH. Price action turned back down, formed a descending channel in which we're currently trading - right around $33k, where we seem to have a good support level, just below 0.5 Fibo.
Now we should see a break of current descending channel and look for an entry on retest around $33.3k level. Price should then break through Ichi cloud, hitting first target at $35,220 in the middle of current trading range, then climb towards the top of range at $40k. My targets, which are also S/R levels, are marked with cyan on the right side. SL is hard set at $31,5k.
The chart is pretty stuffed, so it might be hard to read, but there are multiple indicators to confirm the bullish bias - MACD crossed and is moving up, RSI is moving up and will be above 50 any moment now and so is MFI.
Let's see how this idea plays out 🤓 #not-financial-advice
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Autonomous bot trading is in the works, will be available soon to the public!