China's Yuan plunging worsens risk aversion and leads to a surge in demand for 'safe-haven' assets such as Gold, Silver, Bitcoin and Japanese Yen.
'Risk assets' such as oil and equities are taking a beating as the trade war gets worse. Look at the SP500 for example.
These trade war events are very important for us to watch as Bitcoin traders. USD/CNH charts...
Monthly is extremely bullish. Candle closing in 4 days.
Above 8500 would be the best scenario
Above 7731 is a must for bulls
Monthly target is the equal highs at 11.700
Confluent with 50% of the move from 20K --> 3K
Weekly close confirming the uptrend
- Above W50/100/200 SMA
- Three White Soldiers candlestick formation
- Broke downtrend resistance and horizontal S/R
- Back above the parabola trendline
- Increasing volume
There is one counter argument - The weekly Stoch RSI has crossed down in overbought territory. Backtested this has a very high strikerate for BTC but it...
Typical uptrend after a long downtrend behaviour:
1) Uptrend halted by a blow-off top
2) Upwards channel
>> Bears are stubborn and shorting
3) Long shakeout
>> Bears euphoric
4) Break out
Let's see if she unfolds another time!
Moving inside a symmetrical triangle
Major supply zone and downtrend resistance at $39.
Will require a lot of strength to break up here.
More likely and healthy to get a retest of the S/R flip at $34.50 or revisit the triangle support, which is currently at $30.50 (and moving up).
LTC is currently dragging the altcoin market and keeping BTC at it's feet. A...
Rule while ranging : When one side is taken without follow up - The other side is often the next target.
Targets for the expansion
Up --> 3830
Clear skies on a break and close above.
Down --> 3387
New lows expected on a break and close below.