Good morning guys,
first of all a very happy new year 2020 to all of you, I hope you are going to have a healthy, blessed, joyful and successful year and will achieve your personal goals.
My holiday is over as well. Over the next days we will have a look at different assets on different time frames to get a better overview of things happening.
We are starting off with Bitcoin on the 3D interval.
With an oversold Bitcoin mid December and a channel bottom line bounce (Daily Downtrend Channel), we received a potential long-entry by forming out a proper bullish engulf on 3D and recently also on the Daily.
For now, also a key-level above $7k seems broken. So big question, are we totally bullish just yet? Sadly the answer is still no.
I have pointed out a couple of times that the new Pivots Quarterly and Yearly will be very similar and together with the key-level been forming since June 2019 building a massive massive resistance zone between $7.700 and $8200 roughly.
As long as this is not broken with proper volume increase (or at least afterwards), the picture remains very unstable in terms of possible drops.
This is a danger-zone and January is famous for bigger drops consecutively. (Obviously history does not have to repeat)
As usual I marked important levels.
__________________________________
Neru
first of all a very happy new year 2020 to all of you, I hope you are going to have a healthy, blessed, joyful and successful year and will achieve your personal goals.
My holiday is over as well. Over the next days we will have a look at different assets on different time frames to get a better overview of things happening.
We are starting off with Bitcoin on the 3D interval.
With an oversold Bitcoin mid December and a channel bottom line bounce (Daily Downtrend Channel), we received a potential long-entry by forming out a proper bullish engulf on 3D and recently also on the Daily.
For now, also a key-level above $7k seems broken. So big question, are we totally bullish just yet? Sadly the answer is still no.
I have pointed out a couple of times that the new Pivots Quarterly and Yearly will be very similar and together with the key-level been forming since June 2019 building a massive massive resistance zone between $7.700 and $8200 roughly.
As long as this is not broken with proper volume increase (or at least afterwards), the picture remains very unstable in terms of possible drops.
This is a danger-zone and January is famous for bigger drops consecutively. (Obviously history does not have to repeat)
As usual I marked important levels.
__________________________________
Neru
