BTCUSD - Is it about to break out or break down?
Hello fellow traders,
i took a closer look at the current price action of BTCUSD. As you can see on the 4h chart BTC formed a head and shoulders pattern that is technically still valid, since BTC hat not broken below the neckline or above the head. It's currently trading above the 50EMA and is currently consolidating around 9.1k in form of a bull flag.This flag will send BTC most likely up to test the 200EMA and the big extended downtrend line from 20k you all know too good.
As I'm currently writing this, market maker bots are holding on to the price action on Bitmex, and the volume isn't too overwhelming. I got my money on the side lanes currently and wait until BTC has surpassed the overhead resistances at circa 9.5 and circa 9.75 to go in and long on it.
If BTC forms a higher low on the way to these resistances and goes down a little around 8.6 I will be a bit more confident about an uptrend reversal.
I will have a close look at the price action above 9.8...
Good Luck Trading!
i took a closer look at the current price action of BTCUSD. As you can see on the 4h chart BTC formed a head and shoulders pattern that is technically still valid, since BTC hat not broken below the neckline or above the head. It's currently trading above the 50EMA and is currently consolidating around 9.1k in form of a bull flag.This flag will send BTC most likely up to test the 200EMA and the big extended downtrend line from 20k you all know too good.
As I'm currently writing this, market maker bots are holding on to the price action on Bitmex, and the volume isn't too overwhelming. I got my money on the side lanes currently and wait until BTC has surpassed the overhead resistances at circa 9.5 and circa 9.75 to go in and long on it.
If BTC forms a higher low on the way to these resistances and goes down a little around 8.6 I will be a bit more confident about an uptrend reversal.
I will have a close look at the price action above 9.8...
Good Luck Trading!
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