Ok, so BTC hit the black line again, and now it’s time for us to know if the bulls will manage to pass through this resistance. But first I invite you to follow me to keep updated of our trades and analyses, I’m every day here, talking about the market and my trades, so you are welcome to join us. Check the links to our latest trades below this analysis.
I find this black line in the hourly chart quite important, since it was support and resistance in the past, and now it seems it will be another resistance. The good news is that the price is trading above the 21 ema, and it may support the price, along with the blue line (previous top). Now let’s zoom out and see the daily chart:
BTC hit the pink line and did a Harami, which also was a double top in the hourly chart that triggered our last trade here (link below), and now it triggered a Bullish Engulf, above the 21 ema, above the green trendline. The last two red candles here left some big shadows, which is amazing. It means the bears put some real effort in their attempt to drop the price, but they were ultimately defeated by the bulls.
It’s a long trade in my view, but as I said in my last analysis, I’m skeptical about a fast recovery. I think it would be nice if the price “rest” for a while, and it could even lose the green trendline and hit the purple or blue lines without ruining the bull trend. That’s my view, and like it if you found interesting!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
I find this black line in the hourly chart quite important, since it was support and resistance in the past, and now it seems it will be another resistance. The good news is that the price is trading above the 21 ema, and it may support the price, along with the blue line (previous top). Now let’s zoom out and see the daily chart:
BTC hit the pink line and did a Harami, which also was a double top in the hourly chart that triggered our last trade here (link below), and now it triggered a Bullish Engulf, above the 21 ema, above the green trendline. The last two red candles here left some big shadows, which is amazing. It means the bears put some real effort in their attempt to drop the price, but they were ultimately defeated by the bulls.
It’s a long trade in my view, but as I said in my last analysis, I’m skeptical about a fast recovery. I think it would be nice if the price “rest” for a while, and it could even lose the green trendline and hit the purple or blue lines without ruining the bull trend. That’s my view, and like it if you found interesting!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
🔴 Only 5% of traders manage to beat the market.
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💲💲 Project 5%: + 104%
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💪 Public track record.
👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
