✴️ BTC Update
New week starting on the markets, what has happened since the last update? We still haven't had our daily close above 6900 but Bitcoin is currently trading around 7050!
I was telling you on Friday about two possibilities from a chartist point of view, an ascending triangle that you can see quite clearly or an ascending wedge. These two chartist figures have different implications on the possibilities for the evolution of the BTC.
Bitcoin is currently breaking its resistance zone which has been holding for almost two weeks now, but is encountering the oblique resistance of the wedge. The technical situation remains positive in both the 1h and 4h and daily horizons but the indicators are approaching their overbought zone.
📈 Trend follower?
Negative in daily but positive on the 1h and 4h horizon.
👉 What can be done?
As explained in the previous update, we need a daily close above these two resistance levels (horizontal liquidity zone and oblique wedge) to consider opening a long pullback position.
Until we have this close, bearish risk will remain present.
💹 Altcoins
The majority of Altcoins are down since the beginning of the session, with SORTJ dropping more than 7% and WPR dropping 4%.
New week starting on the markets, what has happened since the last update? We still haven't had our daily close above 6900 but Bitcoin is currently trading around 7050!
I was telling you on Friday about two possibilities from a chartist point of view, an ascending triangle that you can see quite clearly or an ascending wedge. These two chartist figures have different implications on the possibilities for the evolution of the BTC.
Bitcoin is currently breaking its resistance zone which has been holding for almost two weeks now, but is encountering the oblique resistance of the wedge. The technical situation remains positive in both the 1h and 4h and daily horizons but the indicators are approaching their overbought zone.
📈 Trend follower?
Negative in daily but positive on the 1h and 4h horizon.
👉 What can be done?
As explained in the previous update, we need a daily close above these two resistance levels (horizontal liquidity zone and oblique wedge) to consider opening a long pullback position.
Until we have this close, bearish risk will remain present.
💹 Altcoins
The majority of Altcoins are down since the beginning of the session, with SORTJ dropping more than 7% and WPR dropping 4%.
