BTC Holding 6,000 strong. Bullish price action ahead?
This chart was analyzed on the 2hour frame.
Bitcoins last bullish wave lasted 22 days, much longer than the last run to 8,000+, but with only reaching just shy of 7,500.
The most recent drop on Sep 5th, lasted nearly 24 hours, with 4-5 hours of heavy selling pressure causing the price of bitcoin to drop around $1,000 in one day.
With an expanding downward channel, btc is facing resistance off the 6,450 price area. I have a stop loss set around 6,020. If met, will watch for the 5,750-5,850 price level for re-entry. Will need confirmation of buying pressure to ensure continuous higher lows since the 5,750 level was met this passed summer.
Multiple signs of bearish, and bullish divergence on the MacD and Stochastic. (Parameters set for 24/7 market).
I am looking for bullish confirmation to push the price to 6,400-6,500 over the next 12 hours and out of this downward channel. If btc can push out, and bounce above the top channel support line, we can then look at those levels as supportive structures as they were key before the last 22 day run up.
With a half hour left on this 2hour candlestick, a bullish hammer/pin is forming, this shows confluence of bullish price action. If 6,600 cannot be reached by Wednesday, I believe 5,850-6,100 will be re-met.
BTC Current price 6,307
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 10:43pm LOS ANGELES
Bitcoins last bullish wave lasted 22 days, much longer than the last run to 8,000+, but with only reaching just shy of 7,500.
The most recent drop on Sep 5th, lasted nearly 24 hours, with 4-5 hours of heavy selling pressure causing the price of bitcoin to drop around $1,000 in one day.
With an expanding downward channel, btc is facing resistance off the 6,450 price area. I have a stop loss set around 6,020. If met, will watch for the 5,750-5,850 price level for re-entry. Will need confirmation of buying pressure to ensure continuous higher lows since the 5,750 level was met this passed summer.
Multiple signs of bearish, and bullish divergence on the MacD and Stochastic. (Parameters set for 24/7 market).
I am looking for bullish confirmation to push the price to 6,400-6,500 over the next 12 hours and out of this downward channel. If btc can push out, and bounce above the top channel support line, we can then look at those levels as supportive structures as they were key before the last 22 day run up.
With a half hour left on this 2hour candlestick, a bullish hammer/pin is forming, this shows confluence of bullish price action. If 6,600 cannot be reached by Wednesday, I believe 5,850-6,100 will be re-met.
BTC Current price 6,307
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 10:43pm LOS ANGELES