Hello traders,
As you recall my previous analysis, I mentioned that the majority of marijuana stocks were overextended and the money will start flow in crypto sectors.
Looking at the daily chart, it is evident that orange trendline is still acting as strong resistance. Currently, Bitcoin is trying to find support around $3650 (23.6% Fibonacci level), where we have seen the confluence layer of support/resistance on Nov 19th, Dec 30th, Jan 19th, and Jan 26th. There is also a 50 daily moving average around that region, so I am very interested in how Bitcoin will behave in the next few hours.
Daily:
RSI: not oversold Plenty room for growth.
Potential Accumulation in triangle region for another bull breakout.
Next potential resistance: $3755, $3813, $3855, $3942
$3942 will be our major target as the fibonacci level matches with key levels.
Stop loss: $3650
4 Hour Chart analysis:
RSI: oversold
4 hour 200MA is around $3575. We may see a drop down to the red box region.
Happy Trading. Will keep updated.
As you recall my previous analysis, I mentioned that the majority of marijuana stocks were overextended and the money will start flow in crypto sectors.
Looking at the daily chart, it is evident that orange trendline is still acting as strong resistance. Currently, Bitcoin is trying to find support around $3650 (23.6% Fibonacci level), where we have seen the confluence layer of support/resistance on Nov 19th, Dec 30th, Jan 19th, and Jan 26th. There is also a 50 daily moving average around that region, so I am very interested in how Bitcoin will behave in the next few hours.
Daily:
RSI: not oversold Plenty room for growth.
Potential Accumulation in triangle region for another bull breakout.
Next potential resistance: $3755, $3813, $3855, $3942
$3942 will be our major target as the fibonacci level matches with key levels.
Stop loss: $3650
4 Hour Chart analysis:
RSI: oversold
4 hour 200MA is around $3575. We may see a drop down to the red box region.
Happy Trading. Will keep updated.
Komentar:
Total crypto market cap has a support around 116 billion. We may see 2% retracement in next few hours/days for confirmation signals.
Komentar:
Quick update: we are expecting breakout in next 1-48 hours.
We see tightening equilibrium:
$3678 lower high resistance
$3662 higher low support
Break from any of those level will trigger stop loss/limit.
Hourly RSI is not oversold. We may see another pump, and form bearish divergence. Target $3755-$3810.
We see tightening equilibrium:
$3678 lower high resistance
$3662 higher low support
Break from any of those level will trigger stop loss/limit.
Hourly RSI is not oversold. We may see another pump, and form bearish divergence. Target $3755-$3810.
Komentar:
Things are getting intense. Neither bull nor bear wants to make a move.
I am currently holding bitcoin, and set the stop loss at $3615 as there is triple bottom, and bollinger band support is around that area as well.
I am currently holding bitcoin, and set the stop loss at $3615 as there is triple bottom, and bollinger band support is around that area as well.
Komentar:
Stop loss triggered. Let's see red box support will hold.
Komentar:
Red box support hold. Bears tried to break bull flag formation, but they got liquidated. This is actually fairly bullish move by bitcoin bulls, and we can expect couple scenarios:
1) More sideway movement. After this bearish breakout, we have established new low, and we may see another development of tightening equilibrium. (boring)
2) Potential bullish breakout. Breakout level should be around 3675. Wait for the confirmation with good volume.
1) More sideway movement. After this bearish breakout, we have established new low, and we may see another development of tightening equilibrium. (boring)
2) Potential bullish breakout. Breakout level should be around 3675. Wait for the confirmation with good volume.
Komentar:
Bitcoin is setting up for the next move. I still think we should have another bullish setup up to $3800-$3850 range, before next decision.
It is very organic if:
1) Test aforementioned range (this will create bearish divergence, so we should expect retracing)
2) Test orange line during retracing
3) Bullish follow through
It is very organic if:
1) Test aforementioned range (this will create bearish divergence, so we should expect retracing)
2) Test orange line during retracing
3) Bullish follow through
