Midweek check on BTC
Hi all,
So, BTC is trying to get back above the horizontal S/R line at $9,000 after making a double bottom to the $8,700 support, which resulted in a failed attempt from bulls to break it.
I know it might sound strange totally out of synch with the general Twitter/Telegram/TV sentiment, but I don't see a valid reason to be bearish on bitcoin AT ALL.
Cheers,
So, BTC is trying to get back above the horizontal S/R line at $9,000 after making a double bottom to the $8,700 support, which resulted in a failed attempt from bulls to break it.
- 4h-chart I'm seeing few obstacles in the way which are the previously stable uptrend line and the 200-day EMA, so let's see how these react and if a reversal to the upside can be confirmed
- 1h-chart - we are clearly trading in a range for the last 4 days, but let's not forget that the trends are being built after such consolidation periods. We cannot expect a V-shape turn to be bullish or a straight line down to be bearish.
- 1-d chary - we need to defend $8,700-$8,600 and work on a proper closure above $9,000, which after consolidation will give us the necessary boost to make another leg up to $9,600
- Sellers are already losing momentum. The RSI index is quite low as noted a few times in the last seven days
I know it might sound strange totally out of synch with the general Twitter/Telegram/TV sentiment, but I don't see a valid reason to be bearish on bitcoin AT ALL.
Cheers,
Trade active
Alright, so 4-h chart:Going back in the uptrend - CHECK
Moving above 200-day EMA - CHECK
1h-chart:
We break out of the ranging corridor:
1-d chart: All as per plan as above
Note
Looking to break the long-term downtrend on daily nowNote
BTC was not able to close above the diagonal resistance yesterday and is now trading lower after being rejected in the zone above that line today.It manages, however, to find support at the local uptrend on the 1h- chart after it regained position above that important indicator yesterday
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