Ascending Channel
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Starting from the abrupt selloff and recovery we seem to be in an ascending channel for the time being.
We haven't been able to breach and get a close at the major resistance line at around 12,750 yet so there's still potential for upside movement with target range between 13,500 and 13,900.
The descending volume is something to keep a close eye on as there's a >50% chance of decline into more consolidation within the next week, the only question will be how much.
A close below the previous support of ~12,250 on medium TFs will be a deciding factor in the trend decision in the near future.
RSI has been reset to 50, which means there's plenty of potential for action one way or another
As always, use protection out there and set your stops well
Cheers!
We haven't been able to breach and get a close at the major resistance line at around 12,750 yet so there's still potential for upside movement with target range between 13,500 and 13,900.
The descending volume is something to keep a close eye on as there's a >50% chance of decline into more consolidation within the next week, the only question will be how much.
A close below the previous support of ~12,250 on medium TFs will be a deciding factor in the trend decision in the near future.
RSI has been reset to 50, which means there's plenty of potential for action one way or another
As always, use protection out there and set your stops well
Cheers!
Nota
Update:Well that was exciting, looks like we still want to follow the whale pod for a while longer.
RSI is getting overbought, but BTC usually and/or historically RSI peaks twice in about 36 hours before settling down with a decently steep decline.
(For example the 2 peaks on July 3rd at 0:00 and 23:00)
For now lets see if we're going to break 13.5k
Nota
Even after a massive dump from 13.1k to about 12.9k it looks like 13k is now acting as a support to push us even higher.Hold onto your butts y'all
Nota
Retest of support has proven successful!Heading to my initial predicted range seems very probable atm
Also, this is pretty much textbook Wyckoff Accumulation and we appear to be in Phase E (Google is your friend)
Full disclosure:
My position doubled around 12,950 mark from a stop I set there in case the retest was deep, only about $75 off the mark.
After the next move upward should be the time to re-adjust stop losses and hopefully move into full profit mode for anyone who isn't already.
Happy hunting
Nota
Looks like there was a deeper pullback and consolidation a few hours ago returning the RSI back down to "tense" instead of "breakout"Still bullish with 13,800 as my target.
Currently looking at a pitchfork channel in the same plane the one originally shown in the post above
Nota
Nota
Well that was indeed a cliff jumpThis is why we have stop losses set everyone!
Unsure of where to look for a target atm but we've fallen back to the support on ~12,300.
Will keep y'all posted
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