Bitcoin is crawling back upwards, but will it last? BTC-USD
Updated
Good day my friends! To my surprise Bitcoin bulls managed to grab themselves together two days ago and bounce up from $7300 and push upwards and nearly reaching $8800; a stunning 20% increase within 24 hours. Now I'm done licking the wounds of my active at the time BTC short, let's have a look at the current situation.
The indicators are somewhat pinching right now so, a short term test of the purple border lines is to be expected. Of course you want to know what's next: bullish Bitcoin? bearish Bitcoin? alt-season? To be honest, I don't know right now. Some traders/analysts have turned 180 degrees and are urging everyone to "buy, buy, buy" again, but I'm certainly not going to feed this FOMO sentiment. I think the coming days will be very important to see which way BTC moves, how the volume and confidence will be, to find out if we are witnessing a full force reversal, of which I'm not convinced yet, or that it might just be a temporary correction and see more sub $7000 movement afterwards.
Bitcoin stopped its bull run underneath the trend extrapolation of the bottom purple flag channel from a few days ago. These are the trend lines to watch short term for a break in trend. Should Bitcoin continue moving upwards it will most likely encounter resistance at $8800, $9200, $9400 and $10,000. The price will most likely also interact with the yellow flag channel and orange October / November 2017 trend extrapolations.
If Bitcoin breaks below the purple channel it will most likely find support at $8100, $7800, $7300 and $6800. The trend extrapolations to watch are those of the (blue) December ~ February descending channel and the red August / September 2017 line.
I don't have a glass ball that predicts the future, so be aware things may work out differently as I think they will. You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Have a look at my two weeks old zoomed out Bitcoin overview which is still very accurate:
Happy trading! ~ CryptoJC
The indicators are somewhat pinching right now so, a short term test of the purple border lines is to be expected. Of course you want to know what's next: bullish Bitcoin? bearish Bitcoin? alt-season? To be honest, I don't know right now. Some traders/analysts have turned 180 degrees and are urging everyone to "buy, buy, buy" again, but I'm certainly not going to feed this FOMO sentiment. I think the coming days will be very important to see which way BTC moves, how the volume and confidence will be, to find out if we are witnessing a full force reversal, of which I'm not convinced yet, or that it might just be a temporary correction and see more sub $7000 movement afterwards.
Bitcoin stopped its bull run underneath the trend extrapolation of the bottom purple flag channel from a few days ago. These are the trend lines to watch short term for a break in trend. Should Bitcoin continue moving upwards it will most likely encounter resistance at $8800, $9200, $9400 and $10,000. The price will most likely also interact with the yellow flag channel and orange October / November 2017 trend extrapolations.
If Bitcoin breaks below the purple channel it will most likely find support at $8100, $7800, $7300 and $6800. The trend extrapolations to watch are those of the (blue) December ~ February descending channel and the red August / September 2017 line.
I don't have a glass ball that predicts the future, so be aware things may work out differently as I think they will. You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Have a look at my two weeks old zoomed out Bitcoin overview which is still very accurate:
Happy trading! ~ CryptoJC
Note
Update 1The Bitcoin flag broke upward above the purple line. RSI is overbought on several candle time frames. Although that indicates a reversal could be expected, for now the bulls don't seem to run out of steam just yet. Current short term target is $9100.
Note
Update 2Bitcoin reached the $9100 white flag target I mentioned 13 hours ago.
It is pending another break again. Next resistance target at $9400.
Should BTC however break down into the purple channel again it will test support around $8780.
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