BTC: Let’s Bring Some Clarity
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Bitcoin has been in a consolidation since May. It’s been a complete mess, but the resolution on this formation is approaching
I outlined the most accurate chart patterns from my point of view right now: Symmetrical Triangle & Downward Channel
Recently we got a brilliant rejection by MA50 which is in line with the top of the channel.
Notice how relevant the 50-Day MA has been since late February, and I believe this time around when there are so much conflicting signals calling for bull or bear, something as simple as MA50 can give you an edge.
Let’s zoom in a little bit - 4h chart
Here I defined a clear & relativity tight range - between the 50-Day MA and 200-period EMA on 4h.
Break down EMA200 - I think there would be nothing from stopping it to visit the bottom of the descending triangle
Going above MA50 will break the downward channel and lead to a test of a previous high - 9.7k
What do you think about it? Share your thoughts in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates
The information given is never financial advice. Always do your own research
Bitcoin has been in a consolidation since May. It’s been a complete mess, but the resolution on this formation is approaching
I outlined the most accurate chart patterns from my point of view right now: Symmetrical Triangle & Downward Channel
Recently we got a brilliant rejection by MA50 which is in line with the top of the channel.
Notice how relevant the 50-Day MA has been since late February, and I believe this time around when there are so much conflicting signals calling for bull or bear, something as simple as MA50 can give you an edge.
Let’s zoom in a little bit - 4h chart
Here I defined a clear & relativity tight range - between the 50-Day MA and 200-period EMA on 4h.
Break down EMA200 - I think there would be nothing from stopping it to visit the bottom of the descending triangle
Going above MA50 will break the downward channel and lead to a test of a previous high - 9.7k
What do you think about it? Share your thoughts in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates
The information given is never financial advice. Always do your own research
Nota
BTC update
MA50 rejected the price and we reached the first target (first arrow completed)
BTC is squeezed in a triangle-ish shape formation and now we are at the very apex of it
The volume is very contracted suggesting the highly-expected resolution on this formation can happen at any moment
I can’t be bullish on this chart with a series of lower highs and as long as we are below MA50
Until MA50 is regained, the bias is bearish
Nota
BTC updateBTC regained MA50 and like I said it was a pretty decent bullish sign
Today BTC wicked above 10k, but it has to close above it
Key level to close above is 10-10.2k. If we do, I expect BTC to go above 11k
Nota
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