Bitcoin at a pullback?
Updated
Following the previous ideas, a few updates: we are into the Kumo (Ichimoku Cloud) and this is a highly unstable area by definition.
By the way, the bounce back from 9500 has happend and we are not testing the 9100-9200 area. From a recent analysis I am testing privately, I see that 9097$ may act as a strong support, and once broken we may aim towards the other targets I pointed out in the previous analysis: 8900$ and 8500$.
MA50 Tenkan and Kijun have been broken and they may now act as resistance.
Anyway, on the daily chart we are still above major trendlines, such as the MAs that are heading towards a Golden Cross that historically has usually brought some good performances.
What do I expect in the next days?
An increase in volatility may happen, since BTC is now slowly retracing and Institutionals can be accumulating at this lower prices since volumes are still quite high. As said in the previous analysis I would expect another bull run just after a bounce on one of the strong supports, 8500$, 7800$, 7200$, 6700$.
So, aim for lower targets but keep an eye on potential long positions. I would say long when a daily candle would close above 9600$.
By the way, the bounce back from 9500 has happend and we are not testing the 9100-9200 area. From a recent analysis I am testing privately, I see that 9097$ may act as a strong support, and once broken we may aim towards the other targets I pointed out in the previous analysis: 8900$ and 8500$.
MA50 Tenkan and Kijun have been broken and they may now act as resistance.
Anyway, on the daily chart we are still above major trendlines, such as the MAs that are heading towards a Golden Cross that historically has usually brought some good performances.
What do I expect in the next days?
An increase in volatility may happen, since BTC is now slowly retracing and Institutionals can be accumulating at this lower prices since volumes are still quite high. As said in the previous analysis I would expect another bull run just after a bounce on one of the strong supports, 8500$, 7800$, 7200$, 6700$.
So, aim for lower targets but keep an eye on potential long positions. I would say long when a daily candle would close above 9600$.
Trade active
I did not expect a raise in price today, but volumes are really low and we are now at the resistance level, tested in the previous days. A break out with volumes, with the daily candle closing above 9600$ would create a strong long signal, while I would not be surprised if a huge red candle happen, since volumes are low and a Whale may decide to start shorting with a fake break-out.
I will enter with a small short position, increasing it if 9350 will be broken
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