Welcome to my daily market update (20/05/20):
I don't usually do 1h but this time decided to open it up to show the short-term trend as well...
* Short-term:
- There is strong resistance line (yellow) which if we touch for the 6th time, most likely will break through with a spike towards the top ascending triangle (pink) which will also be overbought on 1h
- failing to get to that yellow line (Or getting rejection), will cause a very strong rejection of that area which means we most likely gonna break below the 1h cloud, and below the lower part of the triangle and correct towards the oversold 1h area around 9300 which is a good entry point as this is used as strong S/R area on a mid-term bullish trend.
* Mid-term:
- We have the bullish channel which I previously mentioned on last analasys
- We also have bullish ascending triangle (green lines)
- Breaking below that channel will turn the mid-term bullish move to bearish move, so watch for that area.
* Dont forget we have CME gap to close at around 9300-9400:
* Also notice that BTC Hashrate is down by 15-20% in last few days (Means the system overloaded and Fees are getting higher and higher)
www.blockchain.com/charts/hash-rate
* Net longers are Fomoing in again vs net shorters.... this might also lead to the correction.
* In overall:
- that yellow line will decide if we touch the short-term upper ascending triangle, or close the CME GAP
- I personally still bearish on my bigger speculation, but as usual, the best recommendation is to focus on the mid-trend which is bullish, because the trend is your friend :)
- Buy the dips at important levels (Like the CME levels, and the lower part of the tunnel), until you see that the market changing its mid-term direction... and use tight SLs as we are in a very tight spot.
I don't usually do 1h but this time decided to open it up to show the short-term trend as well...
* Short-term:
- There is strong resistance line (yellow) which if we touch for the 6th time, most likely will break through with a spike towards the top ascending triangle (pink) which will also be overbought on 1h
- failing to get to that yellow line (Or getting rejection), will cause a very strong rejection of that area which means we most likely gonna break below the 1h cloud, and below the lower part of the triangle and correct towards the oversold 1h area around 9300 which is a good entry point as this is used as strong S/R area on a mid-term bullish trend.
* Mid-term:
- We also have bullish ascending triangle (green lines)
- Breaking below that channel will turn the mid-term bullish move to bearish move, so watch for that area.
* Dont forget we have CME gap to close at around 9300-9400:
www.blockchain.com/charts/hash-rate
* Net longers are Fomoing in again vs net shorters.... this might also lead to the correction.
* In overall:
- that yellow line will decide if we touch the short-term upper ascending triangle, or close the CME GAP
- I personally still bearish on my bigger speculation, but as usual, the best recommendation is to focus on the mid-trend which is bullish, because the trend is your friend :)
- Buy the dips at important levels (Like the CME levels, and the lower part of the tunnel), until you see that the market changing its mid-term direction... and use tight SLs as we are in a very tight spot.
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