Bitcoin - August 10, 2020 (Bullish)
Updated
BTCUSDHi everyone,
... back with another update.
>>> SEE COMMENT BELOW, FOR THE FULL TEXT <<<
So... Yes, I am still bullish.
We have definitively witnessed some interesting action in the last couple hours (and also during the last couple of days).
Let's have a look at the 4H chart.
https://www.tradingview.com/x/RmuWkqKo/[\image]
All through yesterday, BTC was wrestling with the support of the ascending triangle (that I mentioned in my previous post).
In the past 24 hours,
- the price came down all the way to the 50-period (4H) SMA (green curve);
- quickly spiked to the 12,100 level;
- got rejected at the 12,100 level;
- dropped back to the .618 Fib; and, finally
- bounced back, to find support at the to the21-period (4H) SMA/EMA (red and blue curve).
When I up, the prices was just over 12,000 and I decided to close my long position (based on gut feeling).
=> I wrote an update to my previous post, but somehow, the text doesn't show (except for "Quick update!", which is kinda worthless...)
=> I re-entered a long position, in the 11,600 - 11,700 area.
There's a few thoughts I want to share with you guys:
- Despite the volatility of the last 24 hours, the ascending triangle is till valid (in my opinion).
- Mark that (in the course of the last week) BTC has (in this order) tested the .236, .382, .5 and .618 Fib levels (the 4 blue rectangles).
- BTC is currently resting on the 21-period (4H) SMA and EMA (~11,730), with the .786 (11,770) nearby.
If BTC van manage a few candle closes above these levels, this may become a solid primary support zone.
=> The area of confluence of the 50-period (4H) SMA (11,540) and the .618 Fib (11,511) would then be a secondary support zone.
- So far, we got rejected twice at the 12,100 level. However, the uptrend that started after the first rejection is still intact.
This observation, together with the "fact" that BTC's price typically breaks a (strong) level of resistance at or after the 3 (re-)test, makes me believe that a break of the 12,100 level is possible in the short/medium term.
Therefore, I remain bullish!
___________________________________________________________________________________________________
OPINION (unchanged): BULLISH
ANALYSIS (updated):
-----------------------------
See above
Note
BTCUSDHi everyone,
... back with another update.
So... Yes, I am still bullish.
We have definitively witnessed some interesting action in the last couple hours (and also during the last couple of days).
Let's have a look at the 4H chart.
https://www.tradingview.com/x/RmuWkqKo/[\image]
All through yesterday, BTC was wrestling with the support of the ascending triangle (that I mentioned in my previous post).
In the past 24 hours,
- the price came down all the way to the 50-period (4H) SMA (green curve);
- quickly spiked to the 12,100 level;
- got rejected at the 12,100 level;
- dropped back to the .618 Fib; and, finally
- bounced back, to find support at the to the21-period (4H) SMA/EMA (red and blue curve).
When I up, the prices was just over 12,000 and I decided to close my long position (based on gut feeling).
=> I wrote an update to my previous post, but somehow, the text doesn't show (except for "Quick update!", which is kinda worthless...)
=> I re-entered a long position, in the 11,600 - 11,700 area.
There's a few thoughts I want to share with you guys:
- Despite the volatility of the last 24 hours, the ascending triangle is till valid (in my opinion).
- Mark that (in the course of the last week) BTC has (in this order) tested the .236, .382, .5 and .618 Fib levels (the 4 blue rectangles).
- BTC is currently resting on the 21-period (4H) SMA and EMA (~11,730), with the .786 (11,770) nearby.
If BTC van manage a few candle closes above these levels, this may become a solid primary support zone.
=> The area of confluence of the 50-period (4H) SMA (11,540) and the .618 Fib (11,511) would then be a secondary support zone.
- So far, we got rejected twice at the 12,100 level. However, the uptrend that started after the first rejection is still intact.
This observation, together with the "fact" that BTC's price typically breaks a (strong) level of resistance at or after the 3 (re-)test, makes me believe that a break of the 12,100 level is possible in the short/medium term.
Therefore, I remain bullish!
___________________________________________________________________________________________________
OPINION (unchanged): BULLISH
ANALYSIS (updated):
-----------------------------
See above
Note
Guys,there's something very weird going on with TV.
It cuts my text after just few sentences.
Bear with me. I am trying to solve this.
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