Hello friends,
After long time BTC finally broke out of the falling wedge and is ready to go UP. But we still don`t have confirmation of BULLTREND, it got rejected around that long term support that I called kind of Bitcoin`s last stand" in my previous chart. Like I said then, we had good chances of falling below it and we did, BUT I also said that we shouldn`t go much down and fortunately we really didn`t, price went couple of hundreds of dollars lower (actually almost 1k if you look at some points), but that is not that big deal.
So now this previous support is acting like pretty STRONG RESISTANCE and BTC must brake it with BIGGER volume so we can have good foundation for next BULLTREND. There is possibility that we see brakeout in next few days, but if we don`t, I hope that we will not see BTC going under that upper falling wedge border that we just broke. So if we go lower again I think that we will get rejected there and then finally go UP.
Positive thing which should also point us that we are going UP is that we finally closed above Ichimoku cloud on 4h chart after LONG TIME.
Let`s CROSS FINGERS and hope that I am right and that we will finally see prices around 10K again in next month or so, because we are all here for PROFITS!
Regards!
Happy trading!
After long time BTC finally broke out of the falling wedge and is ready to go UP. But we still don`t have confirmation of BULLTREND, it got rejected around that long term support that I called kind of Bitcoin`s last stand" in my previous chart. Like I said then, we had good chances of falling below it and we did, BUT I also said that we shouldn`t go much down and fortunately we really didn`t, price went couple of hundreds of dollars lower (actually almost 1k if you look at some points), but that is not that big deal.
So now this previous support is acting like pretty STRONG RESISTANCE and BTC must brake it with BIGGER volume so we can have good foundation for next BULLTREND. There is possibility that we see brakeout in next few days, but if we don`t, I hope that we will not see BTC going under that upper falling wedge border that we just broke. So if we go lower again I think that we will get rejected there and then finally go UP.
Positive thing which should also point us that we are going UP is that we finally closed above Ichimoku cloud on 4h chart after LONG TIME.
Let`s CROSS FINGERS and hope that I am right and that we will finally see prices around 10K again in next month or so, because we are all here for PROFITS!
Regards!
Happy trading!
Comment:
OK, BTC broke that resistance around 6500$ which is very good sign. This resistance now acts like a support and I hope that we will not see prices under it anymore. We are seeing slow moves since there isn`t much BTC hype anymore, but I hope that we have finally turned BULLISH. We are still not safe, and there is possibility of a DROP like always, but we are now trading above Ichimoku cloud on 4h chart and I hope that it will stay like that for a while. I think that we will se some more or less steady rise in next few weeks and I hope that we will not see any bigger retracements before we reach 8-9K.