BitcoinLong
BTCUSD: new rally up?
First BTCUSD analysis.
I've been waiting to do this since everyone is doing it. I always start my TAs drawing resistance and support lines, then trendlines, internal trendlines, speedlines and so on. After this I search for reversal patterns, chart patterns...
In this TA you can see how BTCUSD forms a bullish flag and how it finds certain resistance to break 1/2 and 1/3 speedlines. The moment it breaks, it finds some confort there, stands some days there and then pop ups. However, as soon as it broke 1/3 speedline, things started to go bad. It dropped almost to 1/2 speedline the went back up to 1/3 BUT IT DIDNT BREAK THIS TIME (point B of correction ABC wave). From this point it just went down. Now it's finding confort at 1/2 speedline and my guess is to stay there a few more days then it will break the flag and rally up to retest 1/3 speedline.
You can also see that recently it touched the 130 days EMA line and maybe history will repeat itself. The other 2 times it did this, it just went up and up (stochastic indicated oversold both times as well).
Personally, I don't see BTCUSD dropping anymore than 9k USD. However, its lack of content, news and representation is failing it hard and it may reflect on its price.
I've been waiting to do this since everyone is doing it. I always start my TAs drawing resistance and support lines, then trendlines, internal trendlines, speedlines and so on. After this I search for reversal patterns, chart patterns...
In this TA you can see how BTCUSD forms a bullish flag and how it finds certain resistance to break 1/2 and 1/3 speedlines. The moment it breaks, it finds some confort there, stands some days there and then pop ups. However, as soon as it broke 1/3 speedline, things started to go bad. It dropped almost to 1/2 speedline the went back up to 1/3 BUT IT DIDNT BREAK THIS TIME (point B of correction ABC wave). From this point it just went down. Now it's finding confort at 1/2 speedline and my guess is to stay there a few more days then it will break the flag and rally up to retest 1/3 speedline.
You can also see that recently it touched the 130 days EMA line and maybe history will repeat itself. The other 2 times it did this, it just went up and up (stochastic indicated oversold both times as well).
Personally, I don't see BTCUSD dropping anymore than 9k USD. However, its lack of content, news and representation is failing it hard and it may reflect on its price.
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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.