There are several reasons (technically speaking) to be bullish on BTCUSD. Staying bullish though? As long as the bears don't come out of hiding!
Reason 1 - Hidden bullish divergence:
Hidden bullish divergences occur when the price sets a higher lower, but the oscillator hits a lower low. Contemporary TA chartists consider hidden divergences to be preferable to...
Potential Medium-term resistance points based on confluence (log scale)
1. BTCUSD Long-Term Downtrend resistance line (log) since the ATH
2. Fib retracement drawn from local high at $11,700 down to local low of $7,240
3. Considerable S&R hourly levels at: $10150, $9900, and $9500
The three S&R levels identified in point 3 happen to fall...
Studying BTC's current correction, there are several patterns that emerge, helping us identify potential BTCUSD trajectory.
Long term, BTC appears to be in a bull flag + an inverse H&S. This is healthy and can potentially shoot BTCUSD upwards of $20k!
Short term, however, there are several indications that we are due to hit $8,700-$8900.
1. Head and Shoulders...
LTCUSD is in a short-term downtrend as we break out of the bear flag.
Further confirmation required to be certain of this.
The break does not currently have sufficient volume, and will need to see more 30min candles open/close to confirm this trend.
Target is in the mid-high teens ($216-$18)
20 minutes into the candle, the volume has not picked up to any...
BTCUSD is currently in limbo, depending on the outcome of the ascending triangle breakout.
Downwards Breakout (bearish idea):
If we break the ascending triangle support, we may see levels of $9.8k again. This could be stirred up some more with panic selling (fundamentals), and we may see further trend to the downside.
Key $ areas: breakout below $11,000; target...
We just broke the rising wedge's support.
Next major close line on the 30min is $11,111. If that isn't sustained, and we close at a lower low, we have more bearish pressure in the market driving prices down.
For trend confirmation, ideally we should see a close below $11,111, and a very nice engulfing candle bounce.
Looks like we're working towards a very healthy breakout setup with VENBTC.
Keyword = "working towards".
We need to see several things to happen for this setup to hold.
1) A convincing upward break on the triangle characterized by high volume
2) Contracting triangle (lower highs and higher lows)
3) MACD crossover
4) TTM Squeeze indicator should turn positive...
This could be the end of the downtrend, or just a retrace up to the 23.6.
In the short-term, there is a long opportunity up to $11,200 based on an inverse H&S on the 15min.
Uncertain about long-term sentiment. Could see it bounce off the 23.6 back into a downtrend.
Potential for TRXBTC to break out of the retracement.
Need to see several things happen to validate a breakout to the upside:
1) closed candle above 0.5 fib retrace
2) more convincing bull volume
3) more green candles
4) Continue holding above 61.8 fib support (golden ratio)
5) MACD cross signal
I'm in the trade and have a stop-loss at 774 Sat
TRX is running out of room on the hourly.
Potential for a bearish continuation, or a bullish breakout (appears as bearish sentiment is stronger atm).
Keep an eye out on the volume and open/close prices of the next 2 candles.
Could unfold either way -- or even neutral with a consolidation continuation and a break of the current trend.