So everyone is looking at the weekly level of 11.5k - 12k area.
With price Forming a symmetrical triangle, targets at 13k (bullish break) and 10.5k(bearish break) This will be one of the most decisive weekly closes we've seen on btc.
The way we resolve this pattern will decide the future of btc! Symmetrical triangles can break both ways! Trading the breakout of...
The critical level of 11.1k was sadly broken with good volume.
The volume on the dump is pretty decent - So i am expecting continuation.
Until price closes a daily above 11.1k again - I remain bearish. I am hoping the market gives us opportunity to short this based on confirmation - I am looking for shorts near the 10.5k and 11.1k areas based on lower time...
Price has consistently failed to break the 11.1k level on the daily.
Ascending Trinagles are a bullish chart pattern - We saw one forming back when btc was in 4k area, Now its forming at the the current price range of 11k-13k.
IF it breaks above we could be looking at bitcoin TESTING ALL TIME HIGHS!
But nothing is certain in trading - So DYOR as well!
The daily support of 11.5k has held!
The lower timeframes tell us that it is likely for btc to go back higher!
Buy area's 11.5k - Manage risk at 11.5k area.An hourly close below this, would mean btc is headed towards 11.1k - And it would be wise to buy there as well! Dont short the strong uptrend yet - unless there's a clear sign of change in the trend!
Shorts are again at all time high, They are already underwater as most of them went short at 9k area.
The price closed very well above the resistance of 11.5k indicating that the trend could continue and market does not want to do a massive re-trace yet.
Again we look at the very simplest of tools aka RSI , and see that...
Bitcoin has had a tremendous run in the last 3 months. There's been no stopping it.
The lack of pullback suggest that the trend is very strong. Resistance after resistance has fallen like its nothing.
For the first time in many years, BTC is above the weekly ichimoku cloud again. This indicates bullishness technically.
The levels to be careful on the weekly...
So, The level we are watching is 9.4k. Trade - Short near 9.4k- if you can get a short near 9250 that'd be fine as well. Exit the trade when price closes above 9.3k on the 4h.
With targets being ~8.9k and 8.5k areas. If price goes above 9.4k and closes the 4h above 9.4k with good volume, that will be a sign to get out of the trade.
4 hr bearish divergence...
Despite the dump - Look at how the RSI never broke 50 line - which indicates whether a market is generally bullish or bearish.
I feel this trend is not over yet. The critical levels to watch are 7.4k and 8.2k.
I will not feel comfortable taking a short at the current price range right when price is near long term support.
We have to wait and watch whether this...
The snake is a symbol considered by many cultures over the world as a very bad omen.
It is not surprising that Technical analysis legend Anita goferatump feared this formation the most. Bad things are to come - THE GODS HAVE ABANDONED BITCOIN. The time has come to sell and save yourself! But Know that i am only a messenger - And its upto you to decide your destiny!
Bitcoin has finally recovered a little bit after that dump from 7400.
We quickly pumped past the 21 day MA in just 1 day with good volume leaving little opportunity for an ideal buy area for most traders.
RSI and stoch are overbought in the 4hr, We could be expecting a possible retrace to 6580-6630 ranges soon! That would be a decent area to open a long...