What do we need to see to confirm bitcoins correction?
Trend indicator was my friend during last bullrun, it supported price again and again (blue circles). Red line of volume profile clearly shows crucial support level. Last blue circle is where price bounced directly from red line and now being supported by trend indicator again. So to say confidently bullrun is over and correction has started we need to see confident 4h red candle closing below trend indicator and red line supports.
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By the way I'm running tg channel where I provide free high quality bitmex trading signals. Trading view does not allow to post links, so search yourself for "Free_Bitmex_Signals" or pm me for link.
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Right now bitcoin has formed triple top under red zone resistance and below 100 ma on 1h timeframe. Its not confident enough to provide a short signal in my tg channel, need to see 1h candle close below green support zone and 50ma. Daily close below 8350 will confirm bearish action.
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This triangle can still break up though
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So this triangle from last update has eventually finished breaking
to upside. While the whole bitcoins structure of last hours looked bearish it eventually turned bullish. This shows us once again how strong the current bullish trend is.
By the way in my tg channel we have opened long position for this move and our profit was 30% ROE. Search on tg for "Free_Bitmex_Signals" or pm me for link.
In the beginning of this idea I mentioned how well trend indicator supported price once again (last blue circle), and current bitcoins move to 8700 proved that to us. So I can assume we will see continuation of bullrun in next days.
to upside. While the whole bitcoins structure of last hours looked bearish it eventually turned bullish. This shows us once again how strong the current bullish trend is.
By the way in my tg channel we have opened long position for this move and our profit was 30% ROE. Search on tg for "Free_Bitmex_Signals" or pm me for link.
In the beginning of this idea I mentioned how well trend indicator supported price once again (last blue circle), and current bitcoins move to 8700 proved that to us. So I can assume we will see continuation of bullrun in next days.
