BTC/USD - Bullish trend approved. What will be next move?
Trend analysis
- As you can see from the BTC/USD daily chart, we are currently forming bullish W pattern (white line), that's why the price of BTC will rise in a short time up to $57 000 level. After this W pattern ends I will expect correction for gaining power to try new highs or going down to previous support level. Global trend stays boolish and we created new support and resistance levels. As a trader, I recommend to put short buy position for finishing W pattern and leave the market after it (we need to control chart signals about current situation).
Chart pattern
- Bullish W pattern (functioning)
Technical indicators
- RSI: market is still in boarders and not overbought (Bull signal)
- MACD: MAs are prepared for up movement + get closer to each other (Bull signal)
- BB: Volatility of the market started increasing after range movement accomplished (Bull signal)
- MA (10,20): MA10 is going rapidly upward then MA20 (Bull signal)
= Bull movement in a short term
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
- As you can see from the BTC/USD daily chart, we are currently forming bullish W pattern (white line), that's why the price of BTC will rise in a short time up to $57 000 level. After this W pattern ends I will expect correction for gaining power to try new highs or going down to previous support level. Global trend stays boolish and we created new support and resistance levels. As a trader, I recommend to put short buy position for finishing W pattern and leave the market after it (we need to control chart signals about current situation).
Chart pattern
- Bullish W pattern (functioning)
Technical indicators
- RSI: market is still in boarders and not overbought (Bull signal)
- MACD: MAs are prepared for up movement + get closer to each other (Bull signal)
- BB: Volatility of the market started increasing after range movement accomplished (Bull signal)
- MA (10,20): MA10 is going rapidly upward then MA20 (Bull signal)
= Bull movement in a short term
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
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