This Is What I Wanted To See For BITCOIN To Confirm!

8 sept. 2020

Hello Traders Investors And Community, Welcome to this update-analysis where we are looking at bitcoin 1-hour timeframe perspective, the recent events have shown one more time that technical analysis is an empirical science which can function well when applied right in the markets regardless of what academics is stating so often these times that it is just crystal ball reading and random walking of price-action, of course, it is important how the analysis is applied. Lastly stated for bitcoin it was highly important to take out the resistance cluster consisting of the grey 60-EMA and the falling red trendline out which now happened and bitcoin confirmed some healthy volatility which played into this breakout, now as these price-actions have shown up we can make the next conclusions and bitcoin providing us a decent possible entry set-up, friends it is always important that we don't rush into trades rather wait on the high possible opportunities.

When looking at my chart you can watch bitcoin now trading above the further established resistance-cluster consisting of the falling red trendline and the 60-EMA in grey, these two levels are now supported and what will be a good price-action to get a second confirmation is when bitcoin pulls-back to the red trendline and confirms it properly, this will provide a solid entry setup as it is marked in my chart. Minimal targets will be at the 300-EMA level marked in green in my chart and around the 10700-10800 price-level, when these points are reached it has to be elevated how bitcoin is going further in this structure and if there can come a strong continuation to the upside or firstly some pull-backs to the downside, currently we have an increased divergence between the individual currencies which can lead to different setups in the currencies, therefore it is important that we don't measure the market only in one same direction.

In this manner, thank you for watching, support for more market insight, good weekend to you and all the best!
"Good luck is when opportunity meets preparation."

Information provided is only educational and should not be used to take action in the markets.