BTC follows no traditional setups OR laws - you may go long!
BTC bull run has been a wonder of sorts in 2017. No trader in their history of trading would have seen anything similar to this. No technical analysis can be applied to BTC movement, but despite that I'd do this TA.
The ticker is known to trade in a parallel channel. It's been in this channel since a long time and it's currently at fib level 1. It'll most likely surpass this by the day end. If not today, tomorrow it'll for couple of reasons.
a. MACD is in bullish divergence in the daily chart
b. RSI is just above the so called overbought line, but like I said before, BTC follows no rule. It's tied to emotion of a million people, therefore, I'd say it has lot of room for buyers right now.
Note: the ticker is currently in a rising wedge, but it is not necessary that it'll go bearish from here. It has the potential to breach the orange resistance line to go for a bull run. If it fails to break out and the lower trend line (orange) that forms the rising wedge does not provide support then the first strong support would be found at fib level 0.786 (~16,733) and the 2nd support if this fails to hold could be around 15,700$.
I wouldn't consider the top line of the parallel channel as resistance because it has not shown it's worth yet. We'll see if it's any use this time. If it breaches this line then the ticker will go to touch 28K.
OK, now the trade -
Had it been any other ticker I would have HODL'd considering it is in a rising wedge and close to the top line of the parallel channel. Therefore, not enough support to go long. But like I said earlier, BTC is no ordinary ticker, it follows no rule. Having said all this, I'll be a little aggressive and go long NOW based on MACD and RSI readings. You may go long as soon as it breaches Fib level 1 ie: >19760$. Stop Loss could be set anywhere around 17500 and 18000.
Hopefully, this setup will not turn you black and blue. If you have feedback please do not hesitate to respond.
Thank you!
The ticker is known to trade in a parallel channel. It's been in this channel since a long time and it's currently at fib level 1. It'll most likely surpass this by the day end. If not today, tomorrow it'll for couple of reasons.
a. MACD is in bullish divergence in the daily chart
b. RSI is just above the so called overbought line, but like I said before, BTC follows no rule. It's tied to emotion of a million people, therefore, I'd say it has lot of room for buyers right now.
Note: the ticker is currently in a rising wedge, but it is not necessary that it'll go bearish from here. It has the potential to breach the orange resistance line to go for a bull run. If it fails to break out and the lower trend line (orange) that forms the rising wedge does not provide support then the first strong support would be found at fib level 0.786 (~16,733) and the 2nd support if this fails to hold could be around 15,700$.
I wouldn't consider the top line of the parallel channel as resistance because it has not shown it's worth yet. We'll see if it's any use this time. If it breaches this line then the ticker will go to touch 28K.
OK, now the trade -
Had it been any other ticker I would have HODL'd considering it is in a rising wedge and close to the top line of the parallel channel. Therefore, not enough support to go long. But like I said earlier, BTC is no ordinary ticker, it follows no rule. Having said all this, I'll be a little aggressive and go long NOW based on MACD and RSI readings. You may go long as soon as it breaches Fib level 1 ie: >19760$. Stop Loss could be set anywhere around 17500 and 18000.
Hopefully, this setup will not turn you black and blue. If you have feedback please do not hesitate to respond.
Thank you!
Comment:
HODL. HODL. HODL. It's in a consolidation phase.