Here we see BTC has broke Down from the rising wedge (4 hr) (with massive volume confirmation).
Today: BTC had couple of re-tests of the lower trend line and saw a rejection (In my opinion: This confirms the rising wedge break).
Also as you can see the Pink line marks the rising parabola which BTC is following very nicely, so as long as BTC stays above the pink line the parabola is valid. If however, BTC breaks this pink line with volume, the 35-40% dump will be on the cards.
I already have set my buys (for long term HODL bag) at 5200-5600 range. why? this is the zone where we have, 1) All major weekly EMAs , 2) This is also a support line of 'bump and run pattern', 3) Mid line of weekly BB. All these factors make this zone a very good buy zone for me (Not a financial advise).
I will try to keep this post updated as we go.
Happy weekend. Chao.
Today: BTC had couple of re-tests of the lower trend line and saw a rejection (In my opinion: This confirms the rising wedge break).
Also as you can see the Pink line marks the rising parabola which BTC is following very nicely, so as long as BTC stays above the pink line the parabola is valid. If however, BTC breaks this pink line with volume, the 35-40% dump will be on the cards.
I already have set my buys (for long term HODL bag) at 5200-5600 range. why? this is the zone where we have, 1) All major weekly EMAs , 2) This is also a support line of 'bump and run pattern', 3) Mid line of weekly BB. All these factors make this zone a very good buy zone for me (Not a financial advise).
I will try to keep this post updated as we go.
Happy weekend. Chao.
Note
Here is the weekly look.I also would like to add, If BTC closes this week below 8400 (or essentially below the upper BB) this also COULD confirm the dump, and test of BB basis (mid line) (~5000).
Weekly RSI is in OB zone and far from its EMA, this also supports the dump scenario.
Note
There is the dump.For now BTC has bounced off from the pink parabola line (on 4hr). I did have long set up there, Which I will close soon.
Plus my short from the retest of the rising wedge in seeing nice gains.
**Awesome start of the week** :) :)
Note
Hourly 60EMA is keeping tight cap on BTC price. This dump WILL continue tomorrow.
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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.