Bitcoin on a weekly perspective is still within a smaller descending triangle but a larger parallel channel that seems to be converging to the lower end of the channel.A breakout above the channel will be beneficial to see any long term upmove to be generated.
Lets start of with BTC :- Monthly perspective is on the chart above and we are still within the major support regions of the 21 ema log scale support.
Untill we get a clear green candle engulfing the other candles we are still in no mans land
Bullish Divergence will lead it to 6600, if it stays there we will go to 6800 and retrace back to 6160 level before making an again upward moment to 6800... If we manage to break 6800 resistance too then we are going to retest 7200 before turning bullish
#BTC in a larger channel. Price consolidation happened after this fall. NO BIG WICK means price may fall another $50-100 to touch the channel support. Will place some longs now and some after it touches the channel support. R/R - 2:1. Looking to touch $6500ish.
#BTC in a larger channel. Price consolidation happened after this fall. NO BIG WICK means price may fall another $50-100 to touch the channel support. Will place some longs now and some after it touches the channel support. R/R - 2:1. Looking to touch $6500ish.
Had to re-post this because of an arrogant tradingview moderator hiding many of my charts. Original post is still in my telegram.
This is a reversal idea I have for BTC.
On the daily we are forming what looks like a falling wedge right up to a pretty significant support level . The support level is at about 5800 which to me signifies a 100% retracement from the...
If this is a double bottom, then it should not go below 5760. It should make one more higher low around 7000 levels which would probably confirm a double bottom. This would take it to its first target of around 10,000$ and subsequent journey towards its all time high.
