Hello friends,
After dropping under that "Bitcoin`s last stand" support I was talking about last time and trading around it for several days, we are finally seeing small and long awaited RISE in BTC price, BUT BE CAREFUL. We still don`t have confirmation of an uptrend, because we have low volume and there is also HIDDEN BEARISH divergence on 4h chart. This could mean that we have a BULLTRAP and that there will be another DROP before we go UP.
In my opinion we have to see a nice breakout with high volume and we must go above 7k USD and stay above it for a while for confirmation of UPTREND. This would also give us a breakout of this falling wedge pattern that we have and we could finally go to some higher levels and closer to 10k.
So, BE SMART in next few days and don`t rush into any trades, take it easy, good opportunities will definitely come in near future.
Regards!
Happy trading!
After dropping under that "Bitcoin`s last stand" support I was talking about last time and trading around it for several days, we are finally seeing small and long awaited RISE in BTC price, BUT BE CAREFUL. We still don`t have confirmation of an uptrend, because we have low volume and there is also HIDDEN BEARISH divergence on 4h chart. This could mean that we have a BULLTRAP and that there will be another DROP before we go UP.
In my opinion we have to see a nice breakout with high volume and we must go above 7k USD and stay above it for a while for confirmation of UPTREND. This would also give us a breakout of this falling wedge pattern that we have and we could finally go to some higher levels and closer to 10k.
So, BE SMART in next few days and don`t rush into any trades, take it easy, good opportunities will definitely come in near future.
Regards!
Happy trading!
Comment:
As I said, we could expect a DROP and it happened. Good thing is that we bounced around 5.9K and that we didn`t fall out of that falling wedge pattern. Now price is consolidating and there is possibility that we will see slow rise in the price. I don`t expect any bigger PUMPS, but there could be a small one around 29th of June because that is the date when Bitmex futures contracts expire. I will try to keep you updated as much as I can.