BTCUSD- Bulls On the Rise, or Bears in Disguise?
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As you all know, we saw an impressive rally up whenever Bitmex went down for maintenance. We have formed an impulsive structure that is quite indicative of a bull wave here, but we will see.
We are currently consolidating at the 6614-6722 region, which is close to the .618. I expect us to take a dive to 6614 before we have any chance of running up. If we manage to break to the upside, then I expect us to see resistance at the 7200 region. If we manage to break that, then I foresee 7500 as our next and final target of this run. As per the dotted line, there is a strong indication that we have experienced a trend change, so this is very likely the planned play here. This will become invalidated if we fall below the red solid support line.
Entry Price: 6730
TP1: 7200
TP2: 7500
Stop loss: 6600
If we happen to move to the downside, I will be happy to update this analysis.
We are currently consolidating at the 6614-6722 region, which is close to the .618. I expect us to take a dive to 6614 before we have any chance of running up. If we manage to break to the upside, then I expect us to see resistance at the 7200 region. If we manage to break that, then I foresee 7500 as our next and final target of this run. As per the dotted line, there is a strong indication that we have experienced a trend change, so this is very likely the planned play here. This will become invalidated if we fall below the red solid support line.
Entry Price: 6730
TP1: 7200
TP2: 7500
Stop loss: 6600
If we happen to move to the downside, I will be happy to update this analysis.
Nota
Your trade should look something like this:Nota
We're currently consolidating in the support structure. I think it's time for a bullish momentum upwards.
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