Momentum up. Demand waning though, as noted by potential rising wedge. Price above a major S/R level though, so we'll see if this and trend support holds. BTC has had 6 straight weeks of gains, so a pullback in broader crypto markets wouldn't be unexpected. Folks may be looking to take some profits and the overall covid-19 situation isn't over. If global markets...
Trend line has been holding. Some would call it multiple tests. We shall see. In line with my LT analysis on BLX. Last 6-8 months showing mega IH&S pattern with price currently at low end of right shoulder. Decent R/R at this point. Coronavirus concerns seem to be major concern at this point, since BTC has shown correlation (not decoupling) from broader financial markets.
With pending BTC decline, expecting price to break out of channel. Decent R/R if successful. Not looking to hold coin for long as channel is a downtrend
Long-term POV - working its way to top end of a wedge
LT showing a potential declining broadening wedge.
MT showing a potential IHS with upward neckline
Price currently near S-level so will enter here. Will also consider an entry at next S-level for better R/R.
Current R/R about 1.8x assuming no breakout (price stops at wedge top-end). Will set TTP with 3-5% trail.
Lower R/R about 3-5x assuming exit at top-end of...