Things for Bitcoin on the macro scale have been in a bear market for the last 14 months. The major trading pattern that has been repeatedly in play has been a major descending triangle. A descending triangle is typically inherentlya strong bearish indicator marked by lower highs and a strong horizontal support line below. Bitcoin constantly faced rejection of the...
We are breaking out from short-term resistance trend line, and likely to break out of the pennant. 4 hr Bullish crossover about to hit on MACD. Looks that we will break the ichimoku cloud which is serving as resistance.
$BTC bullish crossover on MACD is about to hit. I see us running up to 7500-7600 (Close to the resistance line) possibly in the next 7 days & SEC decision on the SolidX-VanEck Bitcoin ETF happens Sept 30th.
In the slim chance that the ETF does get approved by the SEC, I see BTC breaking out past the line of resistance that we have been stuck below since January...
Short-Term analysis on 5 min Candles, Mid term (12 hr on the chart)
Recent profit taking on last spike pushed RSI to
oversold on 5 min chart. And also pushed to oversold
on the bollinger bands on 5min . 7 MA looking to cross
25 MA soon this would confirm short term trend
Trade initiated at 2000 sats
MACD looking like its about to form bullish divergence
Bullish Divergence on MACD crossed after minor profit taking sell off.
Oversold on Daily, Forming new trend, anticipate a lot of bullish price
action supported buy high volume. Exit if BTC shows weakness or when RSI
indicates over bought conditions, then consider rebuying the profit taking dip.
Advance stop loss as trade continues to secure profits.
Volume is increasing, bull flag forming, RSI is falling
Look for RSI to drop further on consolidation with MACD as the wedge tightens.
If wedge continues to tighten, and RSI below 50 & breakout from wedge starts with increased volume,
consider entering trade /w stop loss @ 945
If bitcoin starts to decline, exit position.
On the charts, we have a nicely formed Cup and Handle . Todays correction helped form a better handle and lets the RSI cool off a bit lower which is necessary for a more explosive breakout, I think we are primed. My short-term target is 11500 Satoshi where I expect a short cool off to occur as some profit taking takes place. All the...
On the charts, we have a nicely formed Cup and Handle . Todays correction helped form a stronger handle and takes the RSI a bit lower which is necessary for a more explosive break, I think we are primed for an explosive breakout which the current TA strongly supports. My short-term target is 11500 Satoshi where I expect a short cool off to...