BTC broke resistance
Updated
As mentioned before, im just a day trader, please do not take my ideas as financial advice. Always do your own research.
In previous ideas we could see BTC was accumulating at lower levels, with failed attempts to breach the 40k support, where buyers quickly step in to buy every dip.
However, the buying preassure was still low and the pair got stuck in a range, trading sideways for a couple of days, between 41K and 42k., bringing a lot of FUD (Fear Uncertanty and Doubt) to the market.
A dip below 40k would have tumbled the pair lower, while a break above 42k would take it to higher levels.
As of today, BTC has cleared not only the 42k and 43k resistance, but also de infamous 600 EMA dynamic resistance (On the 15min timeframe) which rejected the pair on every opportunity (6 times) since the 31 of December 2021. This is a tremendous BULLISH sign and we can expect the pair to test the previous support at 45.5k (Which will now act as resistance), and if successfull move to higher levels. (We might re-test the breakout at 43k before that, which if succesfull would be a great LONG entry).
This is the setup I was waiting for, and as always I recommend to take profits along the way.
Good trading!
In previous ideas we could see BTC was accumulating at lower levels, with failed attempts to breach the 40k support, where buyers quickly step in to buy every dip.
However, the buying preassure was still low and the pair got stuck in a range, trading sideways for a couple of days, between 41K and 42k., bringing a lot of FUD (Fear Uncertanty and Doubt) to the market.
A dip below 40k would have tumbled the pair lower, while a break above 42k would take it to higher levels.
As of today, BTC has cleared not only the 42k and 43k resistance, but also de infamous 600 EMA dynamic resistance (On the 15min timeframe) which rejected the pair on every opportunity (6 times) since the 31 of December 2021. This is a tremendous BULLISH sign and we can expect the pair to test the previous support at 45.5k (Which will now act as resistance), and if successfull move to higher levels. (We might re-test the breakout at 43k before that, which if succesfull would be a great LONG entry).
This is the setup I was waiting for, and as always I recommend to take profits along the way.
Good trading!
Note
BTC is currently re-testing its breakout at 42.5k after marking a high of 44.5k today (Down 2k in a matter of minutes).This took everybody by surprise and while this could be interpreted as a bearish sign, a re-test of a breakout (If successfull) is a strong bullish signal (As mentioned in the original idea, this was a posibility).
Moreover, on the 1h and 4h timeframes, we can see the formation of a cup and handle, here is a very good idea discussing that.
BTC should close above 42.5k (43k ideally) to remain bullish.
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