Here is another short look similar to April 12 that I posted earlier. We are in another tight BB with a low volume nearly 11K. I expect the price to blow out soon - roughly in couple of days.
Note
Confirmed breakout!Note
Follow this also: 
Note
And three days later the price drops and continues its journey towards the bottom i.e. MA365. At present, the price is trading at the L/BB allowing me a long entry with giving RSI(14)=31; RSI(9)=-23; CCI=-134.Note
Following my previous post, BTC puts a new low (7402), close to MA365, and is followed by Doji & Marubozu chandle sticks in past successive 5H sessions. This indicates either the 7402 is the bottom or the bottom is very close and the price may reverse. I am hoping today's candlestick to close as an inverted hammer to justify 5H patterns. Since these candlesticks are formed on a shorter timeframe, it is risky to make such a bold assumption. For now, the price should test yesterday's low and trade sideways within a rectangle defined by 7200-7800 for next few days until the direction is defined. (Posted on invsting forum)Note
Again, a lot depends on today's close and candlestick (if Harami Cross/Doji or even an inverted hammer). All will signal a reversal to happen. This is deep correction and things are oversold, so chances are that we will see either another lower high or possibly a higher high but that is a long-shot & possibility under these conditions.Note
Continuing from my last posts, all positions have been filled at critical support levels. My last ones were (7200-7600) with an expected test of MA365 (much similar to Feb/April journey that we had since when I have been stressing on MA365 as a key support). It all boils down to today's closing as indicated in my last post. If we see an Inverted Hammer or a Harami cross. Three red weeks aren't easy to digest but its common in crypto world to drop below 78% Fibonacci level. Thus, we will further wait for two more days for the weekly close (MA52) and then a few more days for the monthly close (MA12). This will give me enough confident for June/July trends. For SLs my best bet is 6820 for now but I haven't put any so far. I would like to wait at least for the weekly close. Thank you so much for your support. We had a good journey through this difficult time & we will be in touch soon!Note
Price tested he MA365, fell below for a day or so & then recovered. I still consider this support line to hold & the current pullback (bully) should test 8.6-8.8 range. I will be considering tot take profits at that point.
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.
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.