1. Bitcoin is back in the old down trend channel and showing resistance at the equilibrium, price range at the top of the channel is $9400-$9500
2. BTC is forming an ascending triangle
3. RSI is climbing very nicely
The Plan: Stay in my long position from $8750's and raise stop loss from $8650 to $8900. I've been adding small amounts to position as we...
Bitcoin is forming a 4 hour cup and and handle, recent drop from $8980 did not break the RSI trend Line on the 4 hour.
The Plan: I have fully exited my previous long position from $8450's and opened a new long position at $8750's. Will add more to position after a 4 hour close above the previous high of $8980.
Stop Loss: $8650
Profit Targets $9200 $9400 $9700
BTC appears to have found a new support and looks for a bounce back to the $9500 and possibly the $9800 range. 4 hour RSI bouncing from slightly oversold area, volume has been declining.
The plan: I am not in a long, currently out of my short position and waiting to short anything above the equilibrium to the top of the channel once again until the trend is...
I have pointed out several trend lines that I've been watching closely, they have worked great so far. The most significant one in my opinion is the red trend line because it has more history. I think a drop to test the 50 week MA is the best bullish thing that can happen before we can test the previous high of $14,000 before the halving, and most likely a drop...
BTC is still in this channel, the down trend should continue after the weekend as we get a push towards the equilibrium $9600. Any push to the top should be shorted in my opinion with a SL set at $10375.
Tezos will most likely fall to the .382 to .5 fib before a short term bounce, keep in mind that the weekly RSI is at 82 so a retrace to the .618 fib is very possible and will make a fantastic buying opportunity. Tezos is an extremely hyped project but has a long way to go, good things happen to patient traders. Happy trading everyone.
In about 3 weeks the 50 week MA will be at the .382 fib level. We might see a slow grind down to the $8900 level and rip to the upside before the halving while the masses wait for the gap @ the mid $8k to fill, which may never happen.
After the massive drop we have been mostly trading above the equilibrium of the channel with the RSI steadily climbing on the one hour, we have also been consolidation above previous support of the yellow box. If we do not break the RSI trend line we could push up to the $9900 region which is the top of the purple box before we see a pull back. (any longs should...
BTC forming a descending triangle on the hourly, the rsi is forming a bullish divergence however, a break below the rsi trend line could lead to more possible downside to the $9250, then a possible bounce back.
With open interest so high and the majority of the traders thinking we are going to the moon because of the golden cross, we could actually do the opposite and trade slowly in this channel all the way down to the $8600's in the purple box. Show some love if you agree with me how the market might punish the bulls.
Clear break of the previous swing high on the low time frame with 2 hourly candles closing above, and break above channel shows great signs that BTC is going to retest the previous highs of $10,500 and set new highs at the .618 fib at $11,000. There will be some chop as the market is still uncertain, stay strong!
BTC has been stagnant for almost a week after the break to the upside, with no follow through. Given the market sentiment, this is a good opportunity to put in a short with a tight stop loss for huge potential gains. entry $8300s stop loss $8500.