Hello Traders!
BTC breakout came to fruition, major structural support broken, hope you all profited from this long awaited breakout!
What Now?
Points to consider,
- Key structural support broken, now resistance
- Price testing lower support, in confluence with .50 Fibonacci Level
- Important CME gap filled - $8490 - $9053
- Volume climax
- RSI severely oversold
- EMA’S yet to reach price
- Stochastics a flat bottom
Bitcoin finally broke out of this now confirmed descending triangle that was developing over the past couple months, needless to say it was imminent this week. Price flushed through its support (now resistance) with large volume confirming that it was indeed not a false breakout.
Bears pushed price down to the .50 Fibonacci level where it is currently being held as support. The .50 Fibonacci area is of major significance as it’s in confluence with structural support and will as the CME Futures Gap.
The RSI is severely oversold at current given time; it has also broken its strong base of support (red line), flushing to extreme levels of 10. The stochastics is at a flat bottom, we need to see it show some upwards projection at some point. EMA’s are yet to meet price, we don’t know what significance its will prove a current given time…
It is probable for Bitcoin to have a relief rally after this impulsive move down from its descending triangle formation. A retest of its now current local resistance will cool of all other indicators before another potential move downwards to the .618 Fibonacci level.
Another probable scenario is that Bitcoin consolidates at current level before another flush down, this will be quite similar to the previous bear market where cycle…
What are your thoughts on Bitcoins breakout?
Please leave a like and comment
And remember
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.” – Victor Sperandeo
BTC breakout came to fruition, major structural support broken, hope you all profited from this long awaited breakout!
What Now?
Points to consider,
- Key structural support broken, now resistance
- Price testing lower support, in confluence with .50 Fibonacci Level
- Important CME gap filled - $8490 - $9053
- Volume climax
- RSI severely oversold
- EMA’S yet to reach price
- Stochastics a flat bottom
Bitcoin finally broke out of this now confirmed descending triangle that was developing over the past couple months, needless to say it was imminent this week. Price flushed through its support (now resistance) with large volume confirming that it was indeed not a false breakout.
Bears pushed price down to the .50 Fibonacci level where it is currently being held as support. The .50 Fibonacci area is of major significance as it’s in confluence with structural support and will as the CME Futures Gap.
The RSI is severely oversold at current given time; it has also broken its strong base of support (red line), flushing to extreme levels of 10. The stochastics is at a flat bottom, we need to see it show some upwards projection at some point. EMA’s are yet to meet price, we don’t know what significance its will prove a current given time…
It is probable for Bitcoin to have a relief rally after this impulsive move down from its descending triangle formation. A retest of its now current local resistance will cool of all other indicators before another potential move downwards to the .618 Fibonacci level.
Another probable scenario is that Bitcoin consolidates at current level before another flush down, this will be quite similar to the previous bear market where cycle…
What are your thoughts on Bitcoins breakout?
Please leave a like and comment
And remember
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.” – Victor Sperandeo
