#BTC/USD Heading for $8800 or making a higher high?

16 thg 5, 2020

Welcome to this quick update guys.
Hope you all have been following my short term BTC updates that I'll be posting everyday. It can help you to make decisions on scalping, spot trading as well as Buying the local bottom and selling the local tops.
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Coming back to this chart, BTC made a low at $9112 as per my last update. Currently it is making higher highs which is bullish in nature.
Currently Trading above 25D EMA ($9454) and 200D MA which is acting as a strong support at $9255.
Lower Trendline is also acting as a strong support so far. I have shown the two scenarios that seems likely to play out.
Resistance for the short term remains the 50D MA at $9552 and the red cluster zone.
If the price follows the white trendline which will lead to the formation of an inverse H&S will eventually break to the upside (unlikely but possible).
If not and we break and close below the 200D MA , be ready to buy BTC at $8800 and lower.


IMPORTANT NOTE (WARNING):

As of now most of the traders are posting bullish charts besides weekly candle got rejected from the global trendline Resistance. Guys I think a brutal breakdown is likely if we don't break the 10700 level soon.

So what should we do? I will be tethering the 9680 to 10200 level I I get the chance.
In case the price breaks above the 10700 mark I'll buy back in but IF the price goes to lower levels like $7800 $7400 or even $6800 I will have the opportunity to buy lower.
What do. you think?
Is it a good idea?
Please share your views and comments.
Follow me for more future updates and give it a thumbs up if you like this.


#PEACE

17 thg 5, 2020

Giao dịch đang hoạt động

BTC followed our projection and tested the 200D MA which acted as a strong support.
Good points to mark:

1. BTC is now trading back into 8.1k channel. We didn't got the opportunity to back back lower yet. Will wait for the weekly close.
2. Another good news is BTC is trading above all the important MAs and EMAs.
Since BTC was forming a downtrending small channel with consistent lower lows and lower Highs.
3. I see a new channel is potentially into formation with higher highs and higher lows indicating reversal in the short term.
4. More volume kicking in.
IMO BTC is ready to test 9700 and 9900 level soon breaking above the red cluster area.

Please hit the like button and share this ideas with others, Thanks again.