Healthy retrace for BTC ?
Hi all,
BTC hit the resistance at $9,600 yesterday evening and was not able to break above it, suffering a hard rejection there.
Now let's see if on the 4-h chart we manage to find support near the 100-day EMA (blue curve) or the local uptrend (purple line).
As mentioned yesterday, on the 1-h chart, it is of critical importance to close above $9,300, so the price can print a new high. That is exactly what happened, so let's monitor how the current setup evolves as it will set the ground for the weekly close (very important).
In my honest opinion, we can expect a re-test of the $9,300 mark as it is the meeting point of the local uptrend (mentioned purple line) and the last printed highs on the lower timeframes (1h). Trading volumes are also on the rise and can support the current upward movement.
What we saw on May 14 was a pullback to $9,293 and a rebound from there, but a week later BTC moved down to $9,063. The later is quite unlikely now though since the already mentioned 4-h uptrend has now moved significantly higher and moving below it will result in a re-test of the long-term downtrend (dotted white line).
Up, we should be looking at another attack of the $9,500-$9,600 resistance zone.
Cheers,
BTC hit the resistance at $9,600 yesterday evening and was not able to break above it, suffering a hard rejection there.
Now let's see if on the 4-h chart we manage to find support near the 100-day EMA (blue curve) or the local uptrend (purple line).
As mentioned yesterday, on the 1-h chart, it is of critical importance to close above $9,300, so the price can print a new high. That is exactly what happened, so let's monitor how the current setup evolves as it will set the ground for the weekly close (very important).
In my honest opinion, we can expect a re-test of the $9,300 mark as it is the meeting point of the local uptrend (mentioned purple line) and the last printed highs on the lower timeframes (1h). Trading volumes are also on the rise and can support the current upward movement.
What we saw on May 14 was a pullback to $9,293 and a rebound from there, but a week later BTC moved down to $9,063. The later is quite unlikely now though since the already mentioned 4-h uptrend has now moved significantly higher and moving below it will result in a re-test of the long-term downtrend (dotted white line).
Up, we should be looking at another attack of the $9,500-$9,600 resistance zone.
Cheers,
Note
BTC re-tested $9,300 as predicted and since then tried to break above the solid resistance at $9,600 without success for now. Looks like the party is where ETH is now.There is something that looks like a double top on the 1-h chart, but I hope I'm wrong.
Note
The double top was invalidated. Now we are seeing a bull flag being formed with the horizontal support at $9,500 as a bottom with 50-day EMA supporting it.Note
Breaking out of the bull flag already. Be ready !
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