fred0002

Bitcoin on its way to break resistance levels

POLONIEX:BTCUSDT   Bitcoin / Tether USD
If you have been watching POLONIEX:BTCUSDT             in the past days you will see a strong support level at 10k with a current trend line going up as rayed out on the chart. If it doesn't break the current trend line before crossing the yellowed stripped resistance line then things are looking good with a positive upwards signal (at least 13-15k). The goal is to break the red resistance line where I would say 15-20k is looking promising, if it doesn't break and only test these levels, we might see downwards movement for a short while before crossing 15k             . So if you are day-trading I would suggest selling if we don't break through the red resistance line and looking for a re-entry to earn a small profit at (11k-12k levels, when testing 15k             ). For long term investments we are looking good with an upwards trend line about (2 months and 15 days old) with strong support levels at (8k and 10k). We also see RSI indication 1-day chart that it's still oversold and MACD at its turning point to upward momentum

I will update this chart as we go if it breaks current trend line and a prediction has been drawn it if it doesn't. This only an idea not necessary what's going to happen, just my analysis and prediction - open for suggestions.
Bình luận: Bitcoin has crossed the yellow stripped resistance line, but we might see downwards moment as a H&S pattern formation in the 15-min timeframe, but wouldn't worry to much since the 15-min timeframe means smaller bullish trends.
Bình luận: (*Correcting myself* - 15-min means smaller bearish and bullish trends)
Nonetheless, still looking at the 15 timeframe - lowest drop would be around 11,2k-11,5k before it's in an oversold zone where RSI would confirm and bullish signal and probably also MACD with a bullish crossover where the price would begin penetrate 12k.

As things looking now I'm confident we will break the resistance line again with upwards moment as we are still following the current trend line with a MACD bullish crossover in the 1-day and RSI still hovering around 35-45 percentages.
Bình luận: Posting the chart in the 15-min timeframe

https://www.tradingview.com/x/fP3a3Hs0/
Bình luận: As mentioned we saw a H&S formation in the 15 min timeframe with potential downwards moments.

We are still looking bullish on the big-scale (1-day and 4h) with a bullish turning point 15 min timeframe.
Giao dịch đang hoạt động: As predicted we saw a bonuce at the lowest drop around 11,3k.
(Short) If you going short I would put buy orders at 11,6k and stop orders at 11k
Target: 12,8k-13k. Before doing anything we have to wait for a second bounce to confirm upwards moment.
Đã hủy lệnh: 15 min timeframe - didn't bounce up from 11.3k. A new chart will be made for further analysis.
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