Is the waiting over?
Updated
Good day guys, I hope you're enjoying your sunday.
It has been a longtime since the last update mainly because nothing happened after the fake breakout of what appeared to be a bullish wedge first and a bull flag later. Now we have a better understanding of what we are watching here.
The support (blue line) seems to have been tested, even if we did not reached 907 sats we have hit 915 sats, close enough for a first attempt. On the usdt side we had a similar test on the support of 0.102$.
We should expect a test of the support of the potential wedge turned as a resistance now with the combination of the EMA 12 acting also as a resistance in the next 2 days. The likelihood of a rejection is more probable and would drive to a retest of the big support at 907 sats combined with the EMA 200. Ideals conditions to form a reversal candle next week on the weekly and closing the monthly in a good position to take over the resistance around 1260 sats.
It has been a longtime since the last update mainly because nothing happened after the fake breakout of what appeared to be a bullish wedge first and a bull flag later. Now we have a better understanding of what we are watching here.
The support (blue line) seems to have been tested, even if we did not reached 907 sats we have hit 915 sats, close enough for a first attempt. On the usdt side we had a similar test on the support of 0.102$.
We should expect a test of the support of the potential wedge turned as a resistance now with the combination of the EMA 12 acting also as a resistance in the next 2 days. The likelihood of a rejection is more probable and would drive to a retest of the big support at 907 sats combined with the EMA 200. Ideals conditions to form a reversal candle next week on the weekly and closing the monthly in a good position to take over the resistance around 1260 sats.
Trade active
Support to watch at the 15 minTrade active
It looks like we got our second bottom. The difference from last time is the usdt value, the capitulation at btc made it a little different for the usdt chart.
We have lost the support on the daily but if the candle closes today over it, it would be ok. The trend almost bounced on the EMA 200 and bouncing inmediatly from oversold conditions on the RSI.
If everything goes as planned we will slowly go up to the resistance of the wedge. (the support should not act as a resistance because it already played its function).
Trade closed manually
CEM futures of Bitcoin are creating havoc, price action here is absurd.
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