I would like to start short daily reports about BTC in order to keep notes what I thought about current market situation and what happened next. I am without position right now.
In my opinion we follow the blue uptrend channel but there are two major obstacles which press the price out of this channel. It's 100 4hEMA and horizontal resistance at around 7780. Recent price actions show some strength making higher lows and breaking 100EMA and closing the candle above it. Bitcoin finished candle above this EMA first time since the 9th May.
My current predictions aren't surpising. Closing a candle above horizontal candle is bullish and make me to press buy button and lower low below 7480 make me to press sell.
In my opinion we follow the blue uptrend channel but there are two major obstacles which press the price out of this channel. It's 100 4hEMA and horizontal resistance at around 7780. Recent price actions show some strength making higher lows and breaking 100EMA and closing the candle above it. Bitcoin finished candle above this EMA first time since the 9th May.
My current predictions aren't surpising. Closing a candle above horizontal candle is bullish and make me to press buy button and lower low below 7480 make me to press sell.
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Daily 20EMA is worth to watch it. Breaking it and closing above it would be very bullish signal.
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Nothing really happened since yesterday. Volume is really low. Most of investors alreaby bought or wait for a breakout to come in. I believe in next weeks we should know a direction for bitcoin.
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Well still nothing spectacular has happened. We are still moving in blue upward channel. I made also yellow ascending triangle. Volume is literally DEAD. If I want to find any positive aspects from the current situation then it is making another higher low. Noone sells, noone buys. Marasm. I still feel we are going to break out upward and follow other markets but without confirmation I don't make any moves.
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One more thing worth to mention is the growing number of shorts. The more we are consolidating the more shorts will be placed. Good sign for upcoming bull market.
