BTC, up up and away ?
On the 30 minute chart, BTC has broken above the 10220 resistance that has been stopping it for the past 24 hours. The price shot up past the 200 EMA this morning as if on cue, then stopped. It retested the 200 EMA no less than 5 times before slowly pulling away from it. If the price stays above the 200 EMA then it is very bullish. If it falls below the 200 EMA then we will likely revisit the 10100 lows again. If you are going long it is best to have a stop slightly below the 200 EMA (not directly below it because it can easily wick down).
The next resistance to be aware of is the orange trend line that started way back in April. It acted as resistance for a couple of days last week, but I don't think it will offer much resistance. If we keep going up, the next resistance is at 11400 that we have to get through. This may take some time. The volume profile shows is the goal is at 11789 which I expect a lot of profit taking because people who stayed in after buying at 11789 and dropped all the way down to 9500 will want to get off just to break even.
There you have it. Follow the yellow (brick) road to 11789 but beware of the 200 EMA can easily snatch victory away from us.
As always, please do you own due diligence when buying or selling cryptos.
Please smash the like button on your way out. :-)
P.S. By the time I started writing this article, BTC has moved up $100 away from the 200 EMA to 10500, so things look promising. As long as we don't fall below the 200 EMA I am hopeful we could be going higher. Keep you eye on the 200 EMA though. It can easily snatch victory away from us.
The next resistance to be aware of is the orange trend line that started way back in April. It acted as resistance for a couple of days last week, but I don't think it will offer much resistance. If we keep going up, the next resistance is at 11400 that we have to get through. This may take some time. The volume profile shows is the goal is at 11789 which I expect a lot of profit taking because people who stayed in after buying at 11789 and dropped all the way down to 9500 will want to get off just to break even.
There you have it. Follow the yellow (brick) road to 11789 but beware of the 200 EMA can easily snatch victory away from us.
As always, please do you own due diligence when buying or selling cryptos.
Please smash the like button on your way out. :-)
P.S. By the time I started writing this article, BTC has moved up $100 away from the 200 EMA to 10500, so things look promising. As long as we don't fall below the 200 EMA I am hopeful we could be going higher. Keep you eye on the 200 EMA though. It can easily snatch victory away from us.
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