See, no reason to panic!
Hello traders and hodlers! So, it seems BTC found its support at the green trendline, just as we thought, and it’s doing what it seems to be a Harami (we should wait for the candle to close before jumping to any conclusions).
But would be nice if BTC closes a candle above this light blue line at $ 9.2, it would be a very good bullish sign, in my opinion. Now, let’s look at the hourly chart, as always:
It started a bullish trend (higher highs and higher lows), is trading above the 21 ema and we can draw a rising wedge pattern. Theoretically, rising wedges should do downward breakout, but this is not a rule. In fact, rising wedge’s downward breakout are one of the worst performing patterns to trade, accordingly to Bulkowski – I recommended his books in one of my yesterday’s analysis, the link to it is below!
Now, let’s see the weekly chart:
In my opinion, the bulls are just gathering strength here, and it seems we will escape from this descending channel soon. And I’m optimistic about the volume too, as Charles Dow would say: “The volume must confirm the trend”. Now, since you are still here, how about leave a comment, even if you disagree with me? Tell me what you think and remember to follow me to keep updated!
I’ll maintain what I said in my last analysis, and it’s worth to hold BTC for a while. We are on a streak of winning trades, and we can take our chances here. Again, no reason to panic!
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. *
But would be nice if BTC closes a candle above this light blue line at $ 9.2, it would be a very good bullish sign, in my opinion. Now, let’s look at the hourly chart, as always:
It started a bullish trend (higher highs and higher lows), is trading above the 21 ema and we can draw a rising wedge pattern. Theoretically, rising wedges should do downward breakout, but this is not a rule. In fact, rising wedge’s downward breakout are one of the worst performing patterns to trade, accordingly to Bulkowski – I recommended his books in one of my yesterday’s analysis, the link to it is below!
Now, let’s see the weekly chart:
In my opinion, the bulls are just gathering strength here, and it seems we will escape from this descending channel soon. And I’m optimistic about the volume too, as Charles Dow would say: “The volume must confirm the trend”. Now, since you are still here, how about leave a comment, even if you disagree with me? Tell me what you think and remember to follow me to keep updated!
I’ll maintain what I said in my last analysis, and it’s worth to hold BTC for a while. We are on a streak of winning trades, and we can take our chances here. Again, no reason to panic!
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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