Hello everyone;
Today 4 June 2020,
After a massive drop and one whole day of consolidation we still do not have clear trend direction. Price keep trading sideways awaiting another major breakout.
From the Daily chart everything still looks good for bulls as;
• BTC still holding above key MAs like 10SMA (red dots) and 21EMA (Yellow line),
• RSI although below the EMA it is trading near 50 zone i.e. Neutral territory,
• BTC also trading above the BB mid-line i.e. Slightly bullish to neutral.
Chart patterns:
From the daily chart I can see 2 nice chart patterns on BTC,
1) Rising wedge:
For this pattern to confirm we need to see one more touch to the upper and lower trend lines, I am still expecting BTC to put in a HL in the gray support box (this comes from the consolidation zone from 22 May - 23 May). Once we see that HL in place the yellow arrow line is the most likely route for PA, imo.
2) Symmetrical triangle:
For this pattern we do have confirmation and BTC is very close to 75% fill zone for its breakout. In this pattern the pump and dump we saw couple days back is a classic ‘Fakeout’ for me. Once again, the same gray box becomes an interesting spot for the price however in this scenario, I think BTC will not see a major bounce and break down. The yellow arrow indicates the PA route it could follow.
I am keeping eye on all of these things for now and I do not have any major trades open. I need to see some confirmation in the trend direction first
Happy and safe trading…
Chao…
Today 4 June 2020,
After a massive drop and one whole day of consolidation we still do not have clear trend direction. Price keep trading sideways awaiting another major breakout.
From the Daily chart everything still looks good for bulls as;
• BTC still holding above key MAs like 10SMA (red dots) and 21EMA (Yellow line),
• RSI although below the EMA it is trading near 50 zone i.e. Neutral territory,
• BTC also trading above the BB mid-line i.e. Slightly bullish to neutral.
Chart patterns:
From the daily chart I can see 2 nice chart patterns on BTC,
1) Rising wedge:
For this pattern to confirm we need to see one more touch to the upper and lower trend lines, I am still expecting BTC to put in a HL in the gray support box (this comes from the consolidation zone from 22 May - 23 May). Once we see that HL in place the yellow arrow line is the most likely route for PA, imo.
2) Symmetrical triangle:
For this pattern we do have confirmation and BTC is very close to 75% fill zone for its breakout. In this pattern the pump and dump we saw couple days back is a classic ‘Fakeout’ for me. Once again, the same gray box becomes an interesting spot for the price however in this scenario, I think BTC will not see a major bounce and break down. The yellow arrow indicates the PA route it could follow.
I am keeping eye on all of these things for now and I do not have any major trades open. I need to see some confirmation in the trend direction first
Happy and safe trading…
Chao…
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.