CFcryptoTA

BTC make it or break it

Giá lên
BITSTAMP:BTCUSD   Bitcoin
Good day for BTC. For those of you that followed my live stream yesterday, you already know that I believe will most likely reach 54-55 k short term, to then retrace to 42k. Now yesterday I concluded the stream by saying that I believed BTC would revisit the 50500 resistance and possibly touch the 50800 - 51000 very soon. That is what happens today. In the chart here presented you can appreciate the Bollinger Bands, which based on the statistical principle of the normal distribution gives you the 2 standard deviations (upper and lower boundaries) from the mean (20MA) price. The BB can help you understand where the price is heading if the asset is overbought and the strength of the momentum. When the price touch one of the boundaries it is in the overbought or oversold area so we can expect the price to react and trying to bounce back to its mean (20MA) line. However, if the price violently breaks the boundaries it means the momentum is strong and we can expect the price to continue upwards. Today the price has pushed against the overbought area, retrace and push again, however the momentum seems to dissipate. Another important note is the fact that BTC has painted and broken out a classical price pattern, a symmetrical triangle. The price target for the pattern is 53500, however, now we are fighting an important resistance deemed from the previous high. BTC has to paint a daily close above the 50500 to confirm the run-up to 53500 short terms. However, in my opinion, BTC will retrace to 48500 one more time, to retest the diagonal resistance of the price pattern before heading with strong momentum to 54-55k. BTC is overbought in the major short term time frames, it has painted a long up wick followed by a spinning top candle on the resistance in the 4h timeframe and an EVENING STAR candle pattern in the 1h timeframe...these are all warning signs. I highlighted the support area, with great liquidity where I expect the price to find support and bounce to smash through the resistance level (50500). I have taken some profit (short term portfolio) at this level as I feel uncomfortable in this area (20%) and I am letting the rest running.
Thanks to all of you that participate in my streaming yesterday. Let me know if you'd like me to do more and if you have any requests.
I will promise next time will be shorter and more organised.
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CFcryptoTA
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