BITCOIN (#BTC): Let's look at what's happening with BTC.
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Hello Crypto Traders,
After Friday's stronger decline, BTC bounced off strong support zone and price incresed to $9560. At this price level local downtrend resistance is located and BTC was reflected down to support at $9200.
Now BTC moves in a very narrow channel between EMA50 ($9280) and EMA21 ($9320). However, the BTC is still holding above the Ichi cloud, which is a positive signal. MACD shows a change to Bullish (orange circle), but until the lines were crossed, the upward trend will not be confirmed.
Today I want to highlight two important aspects:
A) Ichi Conversion line (green line) - Now BTC is below this line. If we look into the past, how BTC responds to this line. Look for blue cyrcles - without significant volume, BTC was always reflected down.
B) RSI - we are now approaching 50%, which is an important value if we get over, then it's a bullish signal. But let's be careful, again in the past, BTC reacted to this level with a significant price drop down (green circles).
The game also features a "double top" pattern, price levels at $9560 and $9760. If BTC gets above these values, then it will test the magical resistance $10000 again.
Personally, I do not see opportunities to trade now. I'll wait till the end of the weekend and then adjust to the new situation.
If you want to trade - profits targets are mentioned above (double top patterns + 10K) and set up stoploss at $9100. Good luck.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me.
Thank you!
After Friday's stronger decline, BTC bounced off strong support zone and price incresed to $9560. At this price level local downtrend resistance is located and BTC was reflected down to support at $9200.
Now BTC moves in a very narrow channel between EMA50 ($9280) and EMA21 ($9320). However, the BTC is still holding above the Ichi cloud, which is a positive signal. MACD shows a change to Bullish (orange circle), but until the lines were crossed, the upward trend will not be confirmed.
Today I want to highlight two important aspects:
A) Ichi Conversion line (green line) - Now BTC is below this line. If we look into the past, how BTC responds to this line. Look for blue cyrcles - without significant volume, BTC was always reflected down.
B) RSI - we are now approaching 50%, which is an important value if we get over, then it's a bullish signal. But let's be careful, again in the past, BTC reacted to this level with a significant price drop down (green circles).
The game also features a "double top" pattern, price levels at $9560 and $9760. If BTC gets above these values, then it will test the magical resistance $10000 again.
Personally, I do not see opportunities to trade now. I'll wait till the end of the weekend and then adjust to the new situation.
If you want to trade - profits targets are mentioned above (double top patterns + 10K) and set up stoploss at $9100. Good luck.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me.
Thank you!
Nota
At 1H TF Ichi TK cross + EMAs Death Cross = indication of downward trendNota
Hi Friends, Let's look at the 4H TF, which tells us most about another possible BTC's price movements.
In the last days, the BTC moves in a triangle (yellow triangle) and the price slowly dropped from $9500 to the current $9100, where EMA21 and EMA50 are located.
Bear Ichi TK-Cross is still valid (green/red lines). If we look at this indicator only, we can expect another price dropdown.
But let's look at the MACD and RSI indicators. For both indicators, I drew situations that are similar to today's. If history is repeated, we can expect a significant upward price movement to $10000 and higher.
I guess the price will once again test the support around $9000 (green rectangle) and if the significant volume come, the price will be shining :-)
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