BTC/USDT Upwards breakout imminent. Bitcoin ETF approval in Oct?
Intro:
- Bitcoin is the first of its kind as cryptocurrency.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.
Daily chart:
- Price keeps hovering above 40k and so far stays below the descending purple line.
- Volume is on a steady decline since Mai. Larger volume spikes are in red which confirms that we currently are going down.
- RSI analysis shows the same descending behavior while we can see that it's consolidating into a narrow range between the green and orange line.
- Support lines are at 41k and 30k.
- Resistance lines are at 48k and 59k.
Expectation:
- We expect a breakout above the purple line and a solid recovery into October.
- Looking forwards into October where we might see an ETF approval for Bitcoin. This would be in favor for the whole market
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
- Bitcoin is the first of its kind as cryptocurrency.
- The whole crypto market follows in some way the movements of the Bitcoin price while being much more volatile.
Daily chart:
- Price keeps hovering above 40k and so far stays below the descending purple line.
- Volume is on a steady decline since Mai. Larger volume spikes are in red which confirms that we currently are going down.
- RSI analysis shows the same descending behavior while we can see that it's consolidating into a narrow range between the green and orange line.
- Support lines are at 41k and 30k.
- Resistance lines are at 48k and 59k.
Expectation:
- We expect a breakout above the purple line and a solid recovery into October.
- Looking forwards into October where we might see an ETF approval for Bitcoin. This would be in favor for the whole market
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
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