BTC is showing signs of awakening, but how clear are they ?
Hi all,
I was away for a week or so due to personal reasons, but now I'm back and will continue sharing my thoughts on what happens in the cryptocurrency market. If I'm right or wrong - only time can well, but the most important thing is that if you don't play you won't win. That's for sure.
Looking at BTC on daily, we are perfectly following our projected path from June 27 (Green arrow), using the uptrend line (blue-dotted line) as a dynamic support. For better or worse we avoided the second scenario, which was a break below the long-term downtrend (white-dotted line) and revisit the critically important $8,700 support zone. Now Bitcoin is facing a horizontal resistance at $9,300 in combination with the fast 50-day EMA. The next obvious step will be a move towards the lower end of the $9,600 - $9,500 S/R area.
But before coming to conclusions let's look at the other timeframes and the volume/momentum indicators.
On the 4-h chart we are finally ready to move out of the $9,300-$9,300 range corridor where we are stuck since June 24 more or less. What I expect here is some action in the tight zone between the two long-term moving averages - the 200 and 100-day. So, most probably a move towards $9,360-$9,400 then a drop to $9,250-$9,200 before making another leg up.
Going lower, on the 1-h chart there is something similar to a bull flag with the following setup:
Two possible scenarios here: break above $9,300 and run towards $9,500 or another pullback to $9,200 and rebounding up from there. The third option of course is to invalidate the pattern with another visit of $9,150.
In terms of 24-hour volumes, they finally started to pick up on Monday and we once again saw $20-$22 billion values, which is exactly what we need and what we had during the last peaks to $9,500 + price ranges. At the same time, RSI is expected to rise, now that a trend is slowly being established. As you can see, it currently stays around 50, which is completely normal in times of low volatility and lack of general trend.
I will be closely monitoring the lower timeframes for possible entries during pullbacks to $9,200
Cheers,
I was away for a week or so due to personal reasons, but now I'm back and will continue sharing my thoughts on what happens in the cryptocurrency market. If I'm right or wrong - only time can well, but the most important thing is that if you don't play you won't win. That's for sure.
Looking at BTC on daily, we are perfectly following our projected path from June 27 (Green arrow), using the uptrend line (blue-dotted line) as a dynamic support. For better or worse we avoided the second scenario, which was a break below the long-term downtrend (white-dotted line) and revisit the critically important $8,700 support zone. Now Bitcoin is facing a horizontal resistance at $9,300 in combination with the fast 50-day EMA. The next obvious step will be a move towards the lower end of the $9,600 - $9,500 S/R area.
But before coming to conclusions let's look at the other timeframes and the volume/momentum indicators.
On the 4-h chart we are finally ready to move out of the $9,300-$9,300 range corridor where we are stuck since June 24 more or less. What I expect here is some action in the tight zone between the two long-term moving averages - the 200 and 100-day. So, most probably a move towards $9,360-$9,400 then a drop to $9,250-$9,200 before making another leg up.
Going lower, on the 1-h chart there is something similar to a bull flag with the following setup:
Two possible scenarios here: break above $9,300 and run towards $9,500 or another pullback to $9,200 and rebounding up from there. The third option of course is to invalidate the pattern with another visit of $9,150.
In terms of 24-hour volumes, they finally started to pick up on Monday and we once again saw $20-$22 billion values, which is exactly what we need and what we had during the last peaks to $9,500 + price ranges. At the same time, RSI is expected to rise, now that a trend is slowly being established. As you can see, it currently stays around 50, which is completely normal in times of low volatility and lack of general trend.
I will be closely monitoring the lower timeframes for possible entries during pullbacks to $9,200
Cheers,
Ide yang Berhubungan
