The black lines are the resistance lines an the yellow and red are the support lines with the yellow being the most recent low that the bulls must hold to keep the momentum in their favor and keep the uptrend in tact. Looking at the smaller time frames which i attached a link below you can see a nice consoliation forming a pennant or flag no matter the name its bullish an shows decreasing volume after the nice volume an price spike of the recent run-up.
All signs leading to bulls taking control again!.
I highlighted the support lines with the yellow being the most important near term level the bull has to control to keep this trend going. There is also on the smaller time frames a confirmed break out with the highest rsi an macd histogram levels on the 15 min time frames since before the rebound of 3000. This is a very good sign that momentum is back in BTC and that as long as we maintain these key support levels we should see further upside in the coming days/week.
**A side note that worries me and want to ask if anyone else has any similar situation going on. I have a friend who lives locally with me near Cincinnati who received a letter this week in the mail stating he could no longer bank at US bank becuase of his involvment in cryptocurrency. They stated they couldn't track where his withdraws and deposits were going and didn't know the source of the money so they would no longer allow him to bank there. He is a 12 year customeer who also has a business account at US bank and is required not only to close his personal account which was linked only to coin base but also all savings and business accounts and credit lines and bank elsewhere. After a long conversations on the phone with someone from the bank they basically leaned on untrackable money and didnt know the source or use of where the funds were going and coming from. Not only does this worry me that more banks will begin to do things like this but it sounds like a back door way of scaring ppl from investing in crypto because if you will literally be kicked out of your bank for using coin base then where will most US citizens get there withdraws from. Now i know there are other places but this is crazy. He isnt a whale he has deposited about 6 k since may and withdrawn about 3 k so far. He still has about 10 k in wallets and exchanges but my point being is he has actually sent twice as much as he has gotten back and secondly we are talking about very small amount of money in terms of coinbase or US Bank. This isn't FUD or some made up story this a friend of 10 years who I personally known way before crypto so there is zero reason for him to make this up or lie about any of the information I've written. Now I bank at a different bank and haven't heard anything like this so I'm just asking if anyone else has hear or personally dealt with anything like this?
All signs leading to bulls taking control again!.
I highlighted the support lines with the yellow being the most important near term level the bull has to control to keep this trend going. There is also on the smaller time frames a confirmed break out with the highest rsi an macd histogram levels on the 15 min time frames since before the rebound of 3000. This is a very good sign that momentum is back in BTC and that as long as we maintain these key support levels we should see further upside in the coming days/week.
**A side note that worries me and want to ask if anyone else has any similar situation going on. I have a friend who lives locally with me near Cincinnati who received a letter this week in the mail stating he could no longer bank at US bank becuase of his involvment in cryptocurrency. They stated they couldn't track where his withdraws and deposits were going and didn't know the source of the money so they would no longer allow him to bank there. He is a 12 year customeer who also has a business account at US bank and is required not only to close his personal account which was linked only to coin base but also all savings and business accounts and credit lines and bank elsewhere. After a long conversations on the phone with someone from the bank they basically leaned on untrackable money and didnt know the source or use of where the funds were going and coming from. Not only does this worry me that more banks will begin to do things like this but it sounds like a back door way of scaring ppl from investing in crypto because if you will literally be kicked out of your bank for using coin base then where will most US citizens get there withdraws from. Now i know there are other places but this is crazy. He isnt a whale he has deposited about 6 k since may and withdrawn about 3 k so far. He still has about 10 k in wallets and exchanges but my point being is he has actually sent twice as much as he has gotten back and secondly we are talking about very small amount of money in terms of coinbase or US Bank. This isn't FUD or some made up story this a friend of 10 years who I personally known way before crypto so there is zero reason for him to make this up or lie about any of the information I've written. Now I bank at a different bank and haven't heard anything like this so I'm just asking if anyone else has hear or personally dealt with anything like this?
Trade closed manually:
I did hope for a quicker rally after the high of 4488 and enter long at 4463 and was stopped out at 4449. It was a tight stop because I was looking for another quick rally and we ha held that price for nearly an hour or longer. If were going to go through a longer consolidation period I believe I can get a better entry lower which currently the price is 4435. If I am going to be away from the computer for an extended period of time I will probably open another long position depending on the setup with another tight stop or possible start scaling in depending on the overall setup.