Let's look into current situation of Bitcoin and try to get a glimpse of possible scenarios.!
An inverse head and shoulder can be seen forming on the 2H, 4H, 1D chart. The target is around $7700. But it can only be reached if BTC is able to cross 6800 with good . Currently, 6.8K level holds the key to further movement. If we get rejected, then expect some pullback to $6600 or so. If we are able to push through $6800 then $7000 will be easily reached and we will see some good short term upward movement.
12, 26 and 50 have already formed a cross on the 2-H chart. If we are able to make this cross on a longer time frame then Bulls can gain some good momentum. The chart below shows all the .
At this moment, due to lack of time, i am not looking into any other indicators except (Will post a thorough update on this soon). Although i did have a look into . The is also supporting movement as per this time frame.
BTC gained significant amount in the last 2 days so expect slight pullback too. And after the said pullback, the Bulls may be ready to take over. Everything just depends on the $6.8K level now. So, we will have to wait it out and see how this goes. Also, use tight stop losses for better money management.
Keep an eye out. Trade safely. Always remember, money not lost is also a profit.
Good luck trading.!
Looking good for Bulls here.!
(Atleast for short term).
ATM, 200 EMA LIES AT 7851.
WE NEED TO CLOSE ABOVE THIS LEVEL
FOR A BIGGER BULLISH MOVEMENT.!