Long

Bullish BTC - Yet another tight BB to blow

Updated

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.

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Confirmed breakout!

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Follow this also:

BTC - The primary channel is MA200 - MA365, which is UP!

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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.

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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)

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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.

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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!

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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.

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