Bitcoin U.S. Dollar Daily Chart
Daily Readings:
Bitcoin as evident is trading in a bullish channel. It has been creating Higher Highs (HH) and Higher low (HL) formation which indicates that the bullish momentum is intact. Last week it went below the Trendline but that was very short-lived due to EMA 50 resting at that area. EMA 50 has been providing immense support to Bitcoin previously as-well.
By breaking this small channel resistance will allow bitcoin to test its Top once again, this is where the future course of Bitcoin is likely to be decided.
1- A clear break of its Top would allow it to move forward and test its upper channel in zone between 73.5-75k levels.
2- While if it makes a Double Top formation at this level (Rejection), the likely hood of testing EMA 50 (51500) once again would be on cards. If EMA is taken out then expect short to medium term bearish trend is likely to take-over.
Strategy:
1- Take Long positions if it Bitcoin breaks above 62k with strong bullish candle and good volumes for a target of 70k and 73k respectively.
OR
2- Take Short entry if we see a rejection from Top which will potentially develop a Double Top formation which favors bears heavily. One should ideally take 10% of total investment as an entry there with a view to add 10% more once EMA is broken.
In this case Stop-loss would be strict at 62k level.
Divergence is a tool we technical analyst use in-order to identify the possible trend reversals in near future. Here in case of Bitcoin the divergence is long present. It will be confirmed once Bitcoin breaks below EMA 50, but as long as it is trading above EMA 50 and inside of this channel trend the divergence can continue to appear but won’t play its role. Hence even if you are looking to go long the strategy is simple don’t compromise on your Stop-losses.
*Divergence is when a script is making new highs in a trend but on the other hand momentum indicators (volumes, RSI, MACD) are not making new highs, this shows that even when the price is rising the momentum on long term is being lost which will bring the opposite party into action as soon as a major support is broken.
Daily RSI Support Zone Resistance Zone
60 Support 1= 57223 Resistance 1 = 58980
(Bullish) Support 2= 55630 Resistance 2 = 61762
BTCUSD
This is not Financial advice, please do your own Due Diligence and Slay your Crypto Day Mates!!!
Bitcoin as evident is trading in a bullish channel. It has been creating Higher Highs (HH) and Higher low (HL) formation which indicates that the bullish momentum is intact. Last week it went below the Trendline but that was very short-lived due to EMA 50 resting at that area. EMA 50 has been providing immense support to Bitcoin previously as-well.
By breaking this small channel resistance will allow bitcoin to test its Top once again, this is where the future course of Bitcoin is likely to be decided.
1- A clear break of its Top would allow it to move forward and test its upper channel in zone between 73.5-75k levels.
2- While if it makes a Double Top formation at this level (Rejection), the likely hood of testing EMA 50 (51500) once again would be on cards. If EMA is taken out then expect short to medium term bearish trend is likely to take-over.
Strategy:
1- Take Long positions if it Bitcoin breaks above 62k with strong bullish candle and good volumes for a target of 70k and 73k respectively.
OR
2- Take Short entry if we see a rejection from Top which will potentially develop a Double Top formation which favors bears heavily. One should ideally take 10% of total investment as an entry there with a view to add 10% more once EMA is broken.
In this case Stop-loss would be strict at 62k level.
Divergence is a tool we technical analyst use in-order to identify the possible trend reversals in near future. Here in case of Bitcoin the divergence is long present. It will be confirmed once Bitcoin breaks below EMA 50, but as long as it is trading above EMA 50 and inside of this channel trend the divergence can continue to appear but won’t play its role. Hence even if you are looking to go long the strategy is simple don’t compromise on your Stop-losses.
*Divergence is when a script is making new highs in a trend but on the other hand momentum indicators (volumes, RSI, MACD) are not making new highs, this shows that even when the price is rising the momentum on long term is being lost which will bring the opposite party into action as soon as a major support is broken.
Daily RSI Support Zone Resistance Zone
60 Support 1= 57223 Resistance 1 = 58980
(Bullish) Support 2= 55630 Resistance 2 = 61762
BTCUSDThis is not Financial advice, please do your own Due Diligence and Slay your Crypto Day Mates!!!
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