BTC went through a strong bearish phase till middle of March and entered in to a weak rally till first week of April. Since then it has been showing signs of weakness as shown by the simple trend following (High-Low) mechanism on the chart.
If the current trend continues we may see 5850 and 4810 test.
I do not trade BTC and all the above views are personal.
Just note the high and lows of today
if market sub stain after breaking high or low just take a trade in that direction
Just for knowledge purpose i captured complete 1006 points of bank nifty -0.20% by analysisng the dates
Sustaining above high and low is very imp not just breaking
It has been observed that the price action formed a double bottom at 155-157 levels and now showing strength and pushing up price action to new highs and changing the trend from lower lows to higher lows and higher highs. It is a positive indication and the stock shall perform well in coming session.
It is been observed that the price action firstly broke out from the long term trend line and now breaking out from a short term trend line indicating a strong up move ahead.
It is not fundamentally good but it shall provide good short term returns.
Target 1: 30 (50%)
Target 2: 45 (120%)
Stoploss: 17 (15%)
Disclosure: Personally invested.
On monthly chart, the price action indicates a change in trend.
Why is it a Change in Trend:
1. Price action making lower Highs (LH) and Lower Lows (LH) on monthly chart created a downward trend channel.
2. Now the price action made a Higher Low (HL) as indicated in above chart that indicates rejection of lower prices and buyers entering market to control...