Bitcoin - August 7, 2020 (Bullish)
BTCUSDHi everyone,
... back with another update.
I have been quite busy with work the last days, so this is gonna be a quickie.
In my previous post, I mentioned that my bias would flip from bearish to bullish if we had a 4H candle close above 10,400.
That happened and as soon as I spotted it, I entered a long position. Unfortunately, I got stopped out, because of a few flash crashes with a long wick.
Today we have seen mostly bearish action, but I am not (too) concerned yet.
We have, essentially, in this order, witnessed
- the break down from the small (black) rising wedge (on 1H time frame);
- the breakdown from the bigger (cyan) rising wedge;
- an attempt to break (to the downside) through the (lower) 11,500 area (the .618 Fib level).
The latter level is currently acting as support.
In my opinion,
- some downwards action is good, because it allows the RSI e.a. to cool off;
- the 11,400 - 11,500
** should provide ample support;
** is a good area to buy (with a stop-loss around 11,330, i.e. the .50 Fib).
I will remain bullish, until the 11,300 level is taken out with significant volume.
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OPINION (revised up): BULLISH
ANALYSIS (updated):
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See above
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