BTC still looking for a reversal to the upside
Hi guys,
Yesterday, BTC rebounded perfectly from the lower end of the support area - around $8,600 just like predicted and is currently trading above $8,900, which was our trigger for a reversal to the upside. I will be looking for more green from here, ideally aiming to get around $9,400 or below the horizontal resistance area BUT right at the diagonal resistance coming from the long-term downtrend.
Generally speaking, we are on a symmetrical triangle pattern since February:
so I'm putting 3 targeted zones up:
1. The already mentioned $9,400 - $9,600, which will allow us to surpass the long-term downtrend and the horizontal resistance
2. $9,500-$10,000 as a psychological level and a breakout of the symmetrical triangle
3. The year to date high at $10,360.
In terms of trading volumes, they started to decrease since the halving, and are currently at $38 billion or 30 percent lower.
On the other hand, on the 1-h chart there is a rising wedge formation with the 200-day EMA at its upper-end, so we can expect some turbulence at $9,150. A rejection there and a drop out of the wedge below will certainly drive us down to at least $8,500
Cheers,
Yesterday, BTC rebounded perfectly from the lower end of the support area - around $8,600 just like predicted and is currently trading above $8,900, which was our trigger for a reversal to the upside. I will be looking for more green from here, ideally aiming to get around $9,400 or below the horizontal resistance area BUT right at the diagonal resistance coming from the long-term downtrend.
Generally speaking, we are on a symmetrical triangle pattern since February:
so I'm putting 3 targeted zones up:
1. The already mentioned $9,400 - $9,600, which will allow us to surpass the long-term downtrend and the horizontal resistance
2. $9,500-$10,000 as a psychological level and a breakout of the symmetrical triangle
3. The year to date high at $10,360.
In terms of trading volumes, they started to decrease since the halving, and are currently at $38 billion or 30 percent lower.
On the other hand, on the 1-h chart there is a rising wedge formation with the 200-day EMA at its upper-end, so we can expect some turbulence at $9,150. A rejection there and a drop out of the wedge below will certainly drive us down to at least $8,500
Cheers,
Transaction en cours
So the first target was reached - BTC is trading above $9,400 and above the long-term trendline.Note
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.