Hello Everyone,
Here we have BTC Daily chart, and looks like BTC still holding above the Daily 21EMA, this is the key pivot for me to make my bias. As BTC still holding above it, I will keep my bullish bias as is.
Another important thing to note here is that the 55EMA on daily is starting to flat line, and by looks of it we could see Daily Golden cross negated if BTC drops below 21EMA. This won’t be good for BTC in short and long term.
On the other hand, if somehow BTC manages to recover above 9000 then we will see this cross happen and most likely another big run for BTC.
Looking at Lower TFs,
1hr: we already have the Death cross in place and BTC s getting rejected by 21EMA.
2hr: BTC is trading below the 200SMA and 200EMA.
4hr: The consolidation since the dump is shaping up to be a bear pennant, the measured move from this pattern is @7200.
12hr: We have that massive Shepherd sell signal and bearish divergence in play.
All together there are plenty of signs for bearish continuation here,
There is always a possibility of BTC to Bart back up to 9500 which cannot be ignored.
**Conclusion**
1. My Main focus is the daily chart and 21EMA on Daily. That will decide how BTC performs in coming days.
2. We also have halving happening today, so I am keeping my SL tight and taking most my profits out as I expect some nasty volatile moves.
3. On lower side if BTC takes out the low of 8260 then we can expect move to ~7200.
4. On upper side 9000-9200 is a big resistance area for BTC.
I post this TA regularly also in my Discord group; link is below.
Happy and safe trading...
Chao...
Here we have BTC Daily chart, and looks like BTC still holding above the Daily 21EMA, this is the key pivot for me to make my bias. As BTC still holding above it, I will keep my bullish bias as is.
Another important thing to note here is that the 55EMA on daily is starting to flat line, and by looks of it we could see Daily Golden cross negated if BTC drops below 21EMA. This won’t be good for BTC in short and long term.
On the other hand, if somehow BTC manages to recover above 9000 then we will see this cross happen and most likely another big run for BTC.
Looking at Lower TFs,
1hr: we already have the Death cross in place and BTC s getting rejected by 21EMA.
2hr: BTC is trading below the 200SMA and 200EMA.
4hr: The consolidation since the dump is shaping up to be a bear pennant, the measured move from this pattern is @7200.
12hr: We have that massive Shepherd sell signal and bearish divergence in play.
All together there are plenty of signs for bearish continuation here,
There is always a possibility of BTC to Bart back up to 9500 which cannot be ignored.
**Conclusion**
1. My Main focus is the daily chart and 21EMA on Daily. That will decide how BTC performs in coming days.
2. We also have halving happening today, so I am keeping my SL tight and taking most my profits out as I expect some nasty volatile moves.
3. On lower side if BTC takes out the low of 8260 then we can expect move to ~7200.
4. On upper side 9000-9200 is a big resistance area for BTC.
I post this TA regularly also in my Discord group; link is below.
Happy and safe trading...
Chao...
