hey guys,
the yearly chart is bullish - main target was the recent ATH at 1.3T.
Quarterly Chart: After the break of the 1.3T Line theres a close below it
-> leaving a bit of doubt about imminent bullish progression or a potential double top forming here. The Inside bar is giving a warning of a possible reversal.
Monthly Chart: Although the demand Line is still intact there is a little divergence on the stochastic
-> there is weakness of 3 months not being able to penetrate highs - but going into a Consolidation.
-> BTC is testing a bullish trendline which, ones it has been broken by a close of the monthly candle, could provide a bearish setup and a possible double top scenario being in place.
I will wait for a break of the Consolidation to think about entering a trade.
Thanks for reading…
the yearly chart is bullish - main target was the recent ATH at 1.3T.
Quarterly Chart: After the break of the 1.3T Line theres a close below it
-> leaving a bit of doubt about imminent bullish progression or a potential double top forming here. The Inside bar is giving a warning of a possible reversal.
Monthly Chart: Although the demand Line is still intact there is a little divergence on the stochastic
-> there is weakness of 3 months not being able to penetrate highs - but going into a Consolidation.
-> BTC is testing a bullish trendline which, ones it has been broken by a close of the monthly candle, could provide a bearish setup and a possible double top scenario being in place.
I will wait for a break of the Consolidation to think about entering a trade.
Thanks for reading…
Note
good place to close bullish trades as I expect a retest of 1.2T
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.