BTCUSD - Trading in formation? Important levels to watch!
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Hello traders investors and community, today I will have a look at the current price action BTCUSD is providing us.
We are looking locally on BTCUSD with possible short term trade entry.
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Currently, BTCUSD is forming a descending wedge on the 2-hour timeframe, these types of patterns are known for a break-out to the upside.
However, we have resistance in bitcoins trading range at 8555 and 8745, which where we have a pull-back when we touch it.
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The bullish outcome of the wedge is expected but we have to watch out with how much volume and momentum the break-out occurs.
As for now the volume looks rather weak then bullish . A possible short term LONG position can be entered whether in the orange support area seen in my
chart or with a break-out and confirmation of the wedge .
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We have strong support between 7670 and 7850 where a price bounce is highly likely when we visit this are again. At a bullish continuation the 8000 USD
are is very important where we seen several bullish upthrust which where a part of the range formation in which BTCUSD is trading now.
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The RSI is sending neutral signals right now, as i changed the RSI value from 14 to 28 to have a better look on locally price action which differs on the 2-hour
time-frame from the 4-hour time-frame. A visit of 15 - 30 in the RSI will give a bullish signal.
_______________________________________________________________________________________________________________________________________
Thanks for watching! May you have a good day and all trades going well! For more market insight feel free to support!
The information provided is for educational purposes only and should not be used to take action in markets.
_______________________________________________________________________________________________________________________________________
Hello traders investors and community, today I will have a look at the current price action BTCUSD is providing us.
We are looking locally on BTCUSD with possible short term trade entry.
_______________________________________________________________________________________________________________________________________
Currently, BTCUSD is forming a descending wedge on the 2-hour timeframe, these types of patterns are known for a break-out to the upside.
However, we have resistance in bitcoins trading range at 8555 and 8745, which where we have a pull-back when we touch it.
_______________________________________________________________________________________________________________________________________
The bullish outcome of the wedge is expected but we have to watch out with how much volume and momentum the break-out occurs.
As for now the volume looks rather weak then bullish . A possible short term LONG position can be entered whether in the orange support area seen in my
chart or with a break-out and confirmation of the wedge .
_______________________________________________________________________________________________________________________________________
We have strong support between 7670 and 7850 where a price bounce is highly likely when we visit this are again. At a bullish continuation the 8000 USD
are is very important where we seen several bullish upthrust which where a part of the range formation in which BTCUSD is trading now.
_______________________________________________________________________________________________________________________________________
The RSI is sending neutral signals right now, as i changed the RSI value from 14 to 28 to have a better look on locally price action which differs on the 2-hour
time-frame from the 4-hour time-frame. A visit of 15 - 30 in the RSI will give a bullish signal.
_______________________________________________________________________________________________________________________________________
Thanks for watching! May you have a good day and all trades going well! For more market insight feel free to support!
The information provided is for educational purposes only and should not be used to take action in markets.
_______________________________________________________________________________________________________________________________________
Note
Support between 7850 and 7910Note
Overall range support between 7670 and 7800Note
Note
Low momentum on the daily time-frameNote
Bounced at supportTrade active
Note
Bitcoin confirming triangle nowNote
Note
Definite break-out of wedge happenedNote
Confirming range support/resistance nowNote
Information provided is only educational and should not be used to take action in markets.
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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.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
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.