BitcoinLong
Btc: Bigger retracement or New highs?
Btc is up by 3000$+ in 6 weeks, is there still place for higher highs or we'll get a bigger retracement first?
Price action:
- On Monthly we are breaking the lower trendline (Around 9 050) which indicates me that we should see a test of the top trend line in the next month (Around 10 000).
- On Weekly we are playing for a very important break, since December 2017 we have been in a bear market, closing this weekly candle over 9.3k would break that trend.
- After breaking the downtrend channel (From June 2019) We manage to get the 9.4k tp, currently it's the 3rd day under that resistance.
Indicators:
* On Monthly Macd manage to flip back bullish, Rsi broke a major downtrend, we are right under the cloud (10 000)
* On Weekly Macd flipped bullish (Was bearish since August), Rsi broke the 50 - 54 level and we entered the cloud.
* On daily we are a bit oversold everywhere, but macd flipped bullish, rsi is still showing bearish divergence, and we are far from the cloud.
So what to expect?
Looking at this i feel like a little retrace is next, still around 9 050 - 9 160 since it would confirm the breakout on Daily.
Weekly and Monthly timeframe suggest more upside, so if we get that retrace to 9 050 from there i would expect 9 850 - 10 000 to be our next target to look up to.
If you want to see my personal play and orders, feel free to click on the link below, you'll get redirected to my group.
Price action:
- On Monthly we are breaking the lower trendline (Around 9 050) which indicates me that we should see a test of the top trend line in the next month (Around 10 000).
- On Weekly we are playing for a very important break, since December 2017 we have been in a bear market, closing this weekly candle over 9.3k would break that trend.
- After breaking the downtrend channel (From June 2019) We manage to get the 9.4k tp, currently it's the 3rd day under that resistance.
Indicators:
* On Monthly Macd manage to flip back bullish, Rsi broke a major downtrend, we are right under the cloud (10 000)
* On Weekly Macd flipped bullish (Was bearish since August), Rsi broke the 50 - 54 level and we entered the cloud.
* On daily we are a bit oversold everywhere, but macd flipped bullish, rsi is still showing bearish divergence, and we are far from the cloud.
So what to expect?
Looking at this i feel like a little retrace is next, still around 9 050 - 9 160 since it would confirm the breakout on Daily.
Weekly and Monthly timeframe suggest more upside, so if we get that retrace to 9 050 from there i would expect 9 850 - 10 000 to be our next target to look up to.
If you want to see my personal play and orders, feel free to click on the link below, you'll get redirected to my group.
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