BTCUSDT Retesting 20W SMA
Updated
* In previous bull cycles, BTCUSDT has always consolidated between the 1.618X to 4.236X of the previous ATH.
* Sep has historically been a poor month for BTCUSDT.
* BTCUSDT has broken down from the ascending parallel channel it was in.
* BTCUSDT has formed a new descending parallel channel.
* BTCUSDT is dropping despite DXY dropping. The drop in BTCUSDT is due to current weakness in BTCUSDT (see RSI and volume).
* BTCUSDT may be retesting the 20W SMA.
* Ideally, the 20W SMA will serve as a spring to push BTCUSDT towards 73.5K (4.236X of previous ATH).
* Sep has historically been a poor month for BTCUSDT.
* BTCUSDT has broken down from the ascending parallel channel it was in.
* BTCUSDT has formed a new descending parallel channel.
* BTCUSDT is dropping despite DXY dropping. The drop in BTCUSDT is due to current weakness in BTCUSDT (see RSI and volume).
* BTCUSDT may be retesting the 20W SMA.
* Ideally, the 20W SMA will serve as a spring to push BTCUSDT towards 73.5K (4.236X of previous ATH).
Comment
* Fantastic!* BTCUSDT exited the descending channel.
* Let's see if it can break through the 50K psychological barrier and re-enter the original ascending channel.
* Optimally, this should happen asap with significant volume as the weekend is approaching.
Trade closed: target reached
Well, this is not what I wanted, but BTCUSDT indeed touched and bounced off the 21 weekly SMA.Comment
And BTCUSD kissed the line again. Let's see if things indeed go as per expected.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.