That's a technical and perfect trend.
Yes, BTC is in a strong bull trend here, and although this is no surprise for us, sometimes I get amazed by how well BTC respects the technical analysis. I already mentioned it in my last analysis, the link is below, if you missed it. Also, follow me to keep in touch with our trades and analyses, and support this idea if it helps.
Take a good look at the chart. When BTC trigger a trend, it sends clear signs, and once it is engaged in a trend, it respects perfectly its supports and resistances, as you see in the chart (all the colorful lines). The sudden raise in volume is another confirmation of the bull trend, as the technical analysis’s father said about a century ago: “Volume Must Confirm the Trend”.
Now BTC found a resistance at the thin green line, let’s see how it will behave now. A pullback to one of its supports would be desirable. Now, let’s see the daily chart:
It is doing a pullback at the lost green trendline, which is normal, because the bulls lost some of their strength and now BTC is trading sideways. The good news is that it is trading above the 21 ema and above the light blue line. The bad news is that despite the good volume in the hourly chart, the volume in daily chart is still low.
In my view, BTC is more bullish than bearish (not by much, though). Personally, I’m out of BTC right now, I’m focusing more on my stocks. But you’ll find below some links leading to some public trades I did here. Let’s see if BTC it will give us more classes about technical analysis in the future.
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. *
Take a good look at the chart. When BTC trigger a trend, it sends clear signs, and once it is engaged in a trend, it respects perfectly its supports and resistances, as you see in the chart (all the colorful lines). The sudden raise in volume is another confirmation of the bull trend, as the technical analysis’s father said about a century ago: “Volume Must Confirm the Trend”.
Now BTC found a resistance at the thin green line, let’s see how it will behave now. A pullback to one of its supports would be desirable. Now, let’s see the daily chart:
It is doing a pullback at the lost green trendline, which is normal, because the bulls lost some of their strength and now BTC is trading sideways. The good news is that it is trading above the 21 ema and above the light blue line. The bad news is that despite the good volume in the hourly chart, the volume in daily chart is still low.
In my view, BTC is more bullish than bearish (not by much, though). Personally, I’m out of BTC right now, I’m focusing more on my stocks. But you’ll find below some links leading to some public trades I did here. Let’s see if BTC it will give us more classes about technical analysis in the future.
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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