Weird, but not scary.
Hello investors! I hope you are all fine in this weird day! Ok, so BTC triggered the inverted H&S as we thought, and did a spectacular movement, passing right through the $ 10k and it hit the $ 10.4k. And this is no surprise, as I said in my last analysis, I didn’t believe the black line around $ 9.7k would hold the price. If you missed my last analysis, the link to it is below, as usual.
Now, what is surprising is this recent drop, along with such high volatility. Surprising? Yes, for sure. Scary? Not at all. BTC hit with impressive precision its previous supports at the black and blue lines. Even during a very stressful moment, the price always respects the technical analysis, and that’s why is so important to have good studies in your chart. It’s a way to find yourself when you are in the middle of chaos. Also, remember to follow me to keep updated about our studies on BTC and other cryptos!
Now, what? Well, this drop just took the price back as the same level it was yesterday, and the trend is still bullish. Let’s see the daily chart for more details:
Today’s candle is just as impressive as yesterday’s candle, and this means nothing, just that the fight between bulls and bears is intense. But, in the end, it is still more bullish than bearish, as BTC respected the $ 9.2k (blue line) and is above the ascending 21 ema. Also, if this pennant will be triggered, the price can go even higher.
As the father of technical analysis said: “Trends Persist Until a Clear Reversal Occurs”. In my view, there’s no clear sign that the trend will reverse, and if it is going to reverse, BTC will give us a sign, maybe tomorrow or until the end of this week. But until then, nothing changes.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Now, what is surprising is this recent drop, along with such high volatility. Surprising? Yes, for sure. Scary? Not at all. BTC hit with impressive precision its previous supports at the black and blue lines. Even during a very stressful moment, the price always respects the technical analysis, and that’s why is so important to have good studies in your chart. It’s a way to find yourself when you are in the middle of chaos. Also, remember to follow me to keep updated about our studies on BTC and other cryptos!
Now, what? Well, this drop just took the price back as the same level it was yesterday, and the trend is still bullish. Let’s see the daily chart for more details:
Today’s candle is just as impressive as yesterday’s candle, and this means nothing, just that the fight between bulls and bears is intense. But, in the end, it is still more bullish than bearish, as BTC respected the $ 9.2k (blue line) and is above the ascending 21 ema. Also, if this pennant will be triggered, the price can go even higher.
As the father of technical analysis said: “Trends Persist Until a Clear Reversal Occurs”. In my view, there’s no clear sign that the trend will reverse, and if it is going to reverse, BTC will give us a sign, maybe tomorrow or until the end of this week. But until then, nothing changes.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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