BTCUSD- Bulls On the Rise, or Bears in Disguise?
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.
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Your trade should look something like this:
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We're currently consolidating in the support structure. I think it's time for a bullish momentum upwards.