. There is a possibility of temporary retracement to suggested support line (8953.78). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. BTCUSD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
This is a comprehensive overview of Bitcoin behaviour prior & after it's first 2 halving phases.
Currently it's has formed a Triangle / Pennant pattern & seen to have taken support over its weekly 200 moving average.
Let's see what's in store for it.
. There is a possibility of temporary retracement to suggested support line (9159.3). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. BTCUSD is in a uptrend and the Continuation of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
charts says it all 6145 is the area to short bitcoin but.... i have apprehension that does t reach there or get deflected earlier , have to wait & watch , but its sure that BTC has entered bear market .
bitcoin holder ..long term is not painting any good but a boring consolidation, range bound movement .i dont see any scenario of bitcoin crossing 10k in this year . any bounce greater then $1500 is a shorting opportunity .
triangle pattern is perfectly being followed by price action , now price is sitting on weekly support , a strong support to bounce from . lets wait & watch for today closing , if today's candle close is below 7900 exit or else long it from 7950 with stop of 7900 for a target of 8600 .
weekly charts says it all, perfectly respecting the upper trendline , price got deflected & now standing on 50 MA on weekly , next week would be decisive , break & closing of next week candle below 8500 will bring fall till 6900 , or if it bounces back it wouldnt go beyong 9500 (perfect spot to short again) .
TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 8 to 12 times.