tommy6688
Long

28 Jan 2020 - Daily Technical analysis for BTC/USD

BINANCE:BTCUSDT   Bitcoin / TetherUS
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28 Jan 2020 - Daily Technical analysis for BTC/USD

PRICE
The uptrend still prevails.
BTCUSDT broke up the 2-bottom pattern and then went up
A momentum for price increase
Currently BTCUSDT is right at the old resistance level ($9100 - $9200)
Should not buy anymore $9100 at Resistance now (wait for pull back 8800, 8600)
RSI shows a sign of overbought - making it easy for prices to reverse.
From the trend structure and price action, we can see that the trend is still up
But the current price zone ($9100) is resistance.
It is better to wait for BTCUSDT to recover to buy.

VOLUME
Price increases and Volume increases, confirm up trends (4H)

SUPPORT
It is better to wait for BTCUSDT to recover to buy.
8800 - 8600 - 8300
Or wait for a break of $9200 then pull back to buy up.

CONSIDER
One more fakey appears right at the critical price zone $8700
Prices respond to this area as beautiful as in textbooks, up to $9100 (After two bottoms model 8100-8400-8700, push prices go up, then a fakey at $8700 push the prices to $9100)
Market context is in the push wave.

We should wait for the price to touch the area that has drawn the last 2 fakies and buy
8800 – 8600 - 8300

In case the highest peak is broken $9100 and $9200
We can watch when this peak is pulled back touched again to buy.
We can also use EMA13 and EMA26 to keep track of pull back in this uptrend to buy.

Comments

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