About meDear Technical Analyst Friends,
I'm not a financial adviser or whatsoever. I post charts that might me a possible outcome, nothing is certain!
I like to share thoughts with follow members in the community.
Happy trading to you all!
Sometimes it's important to zoom out and take a look at the higher time frame's.
At the weekly chart we are currently at resistance, if we can break above this area a lot of growth is possible.
If we fail to break resistance we might find the way back to the rising trendline before climbing higher.
So currently i'm neutral on this :D
There are always multiple scenarios possible. In this case i will wait till we break resistance for a long position.
If we can't break resistance we can short down to previous support.
It's up to you which way to go :-)
BTC is currently many weeks moving up without setting any decent higher low.
Sooner or later a correction will come and i think we will pull back till the 8000 area.
Do you think that's not possible or do you agree?
Price broke out of resistance and found it's way back testing it as support.
Can support hold? Than we have a good opportunity for a long position.
The broken trend line aligns up with the 0.786 fib, history shows that this level holds as support a lot of times.
Link is in a rising wedge and price is heading to previous resistance, there is still a bit room for a bullish momentum but if we fail to break resistance i expect a sharp drop down!
Bears will be waiting to short that!
But for now i'm bullish
- not financial advice -
Pulling back on the daily time frame searching for a higher low.
Price might fall back to the broken trendline before continuation to the upside, that area aligns with the 0.618 fib level.
Rising wedge formation on the 4 hour chart, which is broken.
RSI and Stochastic is overbought.
It seems that the monthly higher low is set. If it is set we can search for a lower high or a higher high!
On the lower timeframe's we broke out of a downward channel, a retest of that broken trend line can occur, if not we can just move North :)
The RSI and stochastic need to cool off a bit before a upward movement.
- Not financial advice -