🔥 Bitcoin Losing The Uptrend: Fall Through Support
https://www.tradingview.com/chart/BTCUSD/CKsLFizy-Bitcoin-Losing-The-Uptrend-Fall-Through-Support/
https://www.tradingview.com/chart/BTCUSD/CKsLFizy-Bitcoin-Losing-The-Uptrend-Fall-Through-Support/
TradingView
🔥 Bitcoin Losing The Uptrend: Fall Through Support for COINBASE:BTCUSD by FieryTrading
As of now, BTC is trading $20k. This is a very important area of support for a multitude of reasons, so a fall below will naturally be bad for the market.
Around a week ago we saw a strong bounce from said support. A daily close below $20k would mean that…
Around a week ago we saw a strong bounce from said support. A daily close below $20k would mean that…
🔥 Has Inflation Peaked? A Century Old Trend Suggests Yes
https://www.tradingview.com/chart/USIRYY/xRKPanjm-Has-Inflation-Peaked-A-Century-Old-Trend-Suggests-Yes/
https://www.tradingview.com/chart/USIRYY/xRKPanjm-Has-Inflation-Peaked-A-Century-Old-Trend-Suggests-Yes/
TradingView
🔥 Has Inflation Peaked? A Century Old Trend Suggests Yes for ECONOMICS:USIRYY by FieryTrading
With inflation rising, the FED is applying quantitative tightening to the US market and the Dollar, which has caused chaos in the market of 2022. The market fears that the FED is not doing enough to combat this inflation, which will cause higher inflation…
🔥 Ethereum Bearish Trend Reversal Confirmed: Re-test Of Lows
https://www.tradingview.com/chart/ETHUSDT/eqysJWVs-Ethereum-Bearish-Trend-Reversal-Confirmed-Re-test-Of-Lows/
A couple of days ago I made an analysis on ETH and the inverse head & shoulders pattern that emerged on the chart. The trade has reached the first target flawlessly, but is currently seeing some bearish price action after failing to pull through the $1250 resistance area .
The bullish reversal trend is still intact, so there's no immediate worry for a new move towards $1000 or lower. On the chart I've indicated a yellow Reversal Area. If ETH reaches this area and reverses, the bull-trend is still intact and we can start the move towards >$1250 and possibly even $1500.
However, a move below the right shoulder would indicate that the trend has been broken. In that case, the most likely move would be for ETH to target $1000 or even $900, which would bring us to the head-area.
www.fierytrading.com
https://www.tradingview.com/chart/ETHUSDT/eqysJWVs-Ethereum-Bearish-Trend-Reversal-Confirmed-Re-test-Of-Lows/
A couple of days ago I made an analysis on ETH and the inverse head & shoulders pattern that emerged on the chart. The trade has reached the first target flawlessly, but is currently seeing some bearish price action after failing to pull through the $1250 resistance area .
The bullish reversal trend is still intact, so there's no immediate worry for a new move towards $1000 or lower. On the chart I've indicated a yellow Reversal Area. If ETH reaches this area and reverses, the bull-trend is still intact and we can start the move towards >$1250 and possibly even $1500.
However, a move below the right shoulder would indicate that the trend has been broken. In that case, the most likely move would be for ETH to target $1000 or even $900, which would bring us to the head-area.
www.fierytrading.com
TradingView
🔥 Ethereum Bearish Trend Reversal Confirmed: Re-test Of Lows for BINANCE:ETHUSDT by FieryTrading
Recently I made an analysis on ETH where I talked about the inverse head & shoulders and the bullish trend that came from it. My line in the sand for a bullish trend was that the price was still above the right shoulder's support. However, now that we're…
BTC Spot ETF application has been rejected. Approval would've been bullish. Rejection might've added fuel to the current bearish move.
https://www.reuters.com/markets/us/us-sec-rejects-grayscales-spot-bitcoin-etf-application-2022-06-30/
https://www.reuters.com/markets/us/us-sec-rejects-grayscales-spot-bitcoin-etf-application-2022-06-30/
Reuters
Ruling in Grayscale-U.S. SEC lawsuit likely within a year - CEO
Grayscale Investments' lawsuit against the U.S. Securities and Exchange Commission for nixing the digital asset manager's proposal to create a spot bitcoin exchange-traded fund will likely be decided within a year, the company's chief executive officer said…
🔥 SOL Bear-Flag Break Out Looming
https://www.tradingview.com/chart/SOLUSDT/1vA8PJvh-SOL-Bear-Flag-Break-Out-Looming/
Ever since the bottom hit a couple of weeks ago, we've seen a slight uptrend in SOL and the remainder of crypto. The expectation was that this uptrend would end up being a bear-flag .
With today's price movement that expectation has most likely become reality. SOL is currently on the verge of breaking out on the bearish side of the bear flag . Be patient until the break out is confirmed.
In case of a bearish break out, I'm expecting a re-test of the recent low around $26 at least. Potentially we can move towards $20 or so if BTC drops below $17k.
The area below $20 is a long-term accumulation area for me. Potentially, it can function as a bear-market bottom, but that's still too early to say.
www.fierytrading.com
https://www.tradingview.com/chart/SOLUSDT/1vA8PJvh-SOL-Bear-Flag-Break-Out-Looming/
Ever since the bottom hit a couple of weeks ago, we've seen a slight uptrend in SOL and the remainder of crypto. The expectation was that this uptrend would end up being a bear-flag .
With today's price movement that expectation has most likely become reality. SOL is currently on the verge of breaking out on the bearish side of the bear flag . Be patient until the break out is confirmed.
In case of a bearish break out, I'm expecting a re-test of the recent low around $26 at least. Potentially we can move towards $20 or so if BTC drops below $17k.
The area below $20 is a long-term accumulation area for me. Potentially, it can function as a bear-market bottom, but that's still too early to say.
www.fierytrading.com
TradingView
🔥 SOL Bear-Flag Break Out Looming for BINANCE:SOLUSDT by FieryTrading
Ever since the bottom hit a couple of weeks ago, we've seen a slight uptrend in SOL and the remainder of crypto. The expectation was that this uptrend would end up being a bear-flag.
With today's price movement that expectation has most likely become reality.…
With today's price movement that expectation has most likely become reality.…
image_2022-06-30_22-56-00.png
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Interesting chart to keep track off. Money supply growth (printing money) seems to be directly correlated to Bitcoin's price.
image_2022-07-01_08-33-33.png
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Options Put/Call ratio is on the rise again. The last two times that this happened a big dump followed in the following week.
🔥 Bitcoin Worst Case Scenario: Despair Ahead
https://www.tradingview.com/chart/BTCUSDT/I503GH4C-Bitcoin-Worst-Case-Scenario-Despair-Ahead/
Be aware that, at this point in time, I do not think that BTC will follow this path. The only way how I can see this become reality is if we experience a complete stock market meltdown like we saw in 2001 and 2008. Nevertheless, I think this analysis adds valuable information to the discussion.
In my most recent BTC analyses I've been quite bearish in the short- and mid-term. In today's analysis I want to explore one of the most bearish scenario's I can imagine.
We can draw a line from the 2018 bear market low to the COVID-19 dump early in 2020. This trend line , dotted purple, would function as the "mean". The whole of 2021's bull-market could be described as a massive mania phase. 2022 is the blow off phase following the mania phase. I'm aware that the "Return to normal" peak on the left chart is lower than the "new paradigm", which is not true for BTC , since we had a new ATH in November. However, I think the overall idea of a market-cycle is more important than this detail.
If the price were to follow the pattern, we have much more pain ahead. BTC will most likely bottom between $6k and $10k.
Like previously mentioned, I do not think that we will go that low. However, I find it important to mentally prepare for a scenario like this. My most likely scenario at this point in time is that we follow the 2018 bear market fractal , until proven otherwise.
www.fierytrading.com
https://www.tradingview.com/chart/BTCUSDT/I503GH4C-Bitcoin-Worst-Case-Scenario-Despair-Ahead/
Be aware that, at this point in time, I do not think that BTC will follow this path. The only way how I can see this become reality is if we experience a complete stock market meltdown like we saw in 2001 and 2008. Nevertheless, I think this analysis adds valuable information to the discussion.
In my most recent BTC analyses I've been quite bearish in the short- and mid-term. In today's analysis I want to explore one of the most bearish scenario's I can imagine.
We can draw a line from the 2018 bear market low to the COVID-19 dump early in 2020. This trend line , dotted purple, would function as the "mean". The whole of 2021's bull-market could be described as a massive mania phase. 2022 is the blow off phase following the mania phase. I'm aware that the "Return to normal" peak on the left chart is lower than the "new paradigm", which is not true for BTC , since we had a new ATH in November. However, I think the overall idea of a market-cycle is more important than this detail.
If the price were to follow the pattern, we have much more pain ahead. BTC will most likely bottom between $6k and $10k.
Like previously mentioned, I do not think that we will go that low. However, I find it important to mentally prepare for a scenario like this. My most likely scenario at this point in time is that we follow the 2018 bear market fractal , until proven otherwise.
www.fierytrading.com
TradingView
🔥 Bitcoin Worst Case Scenario: Despair Ahead for BINANCE:BTCUSDT by FieryTrading
Be aware that, at this point in time, I do not think that BTC will follow this path. The only way how I can see this become reality is if we experience a complete stock market meltdown like we saw in 2001 and 2008. Nevertheless, I think this analysis adds…
🔥 ATOM Higher Low: Bullish Trend Confirmed
https://www.tradingview.com/chart/ATOMUSDT/XQ7If1So-ATOM-Higher-Low-Bullish-Trend-Confirmed/
Recently I made an analysis on ATOM and the fact that it was holding up very well during a strong bearish period for the rest of the market.
My first target has been reached for a nice 27% return, congratulations if you took the trade.
At the moment, ATOM is making its way to the most recent top at $8.75, which is the first target for this analysis. If BTC won't fall below $19k, I can very well see ATOM picking up speed in the near future, mid-term target around $10.
www.fierytrading.com
https://www.tradingview.com/chart/ATOMUSDT/XQ7If1So-ATOM-Higher-Low-Bullish-Trend-Confirmed/
Recently I made an analysis on ATOM and the fact that it was holding up very well during a strong bearish period for the rest of the market.
My first target has been reached for a nice 27% return, congratulations if you took the trade.
At the moment, ATOM is making its way to the most recent top at $8.75, which is the first target for this analysis. If BTC won't fall below $19k, I can very well see ATOM picking up speed in the near future, mid-term target around $10.
www.fierytrading.com
TradingView
🔥 ATOM Higher Low: Bullish Trend Confirmed for BINANCE:ATOMUSDT by FieryTrading
Recently I made an analysis on ATOM and the fact that it was holding up very well during a strong bearish period for the rest of the market.
My first target has been reached for a nice 27% return, congratulations if you took the trade.
https://www.trad…
My first target has been reached for a nice 27% return, congratulations if you took the trade.
https://www.trad…
🔥 GALA At Capitulation Low: Potential Bounce Ahead
https://www.tradingview.com/chart/GALAUSDT/UxT29ZOF-GALA-At-Capitulation-Low-Potential-Bounce-Ahead/
GALA is currently trading at a massive support. This support has been created during the LUNA-capitulation event almost two months ago, and has held strong ever since.
With BTC trading sideways and BTC dominance falling, I'd reckon that GALA will soon see a bullish move. Key is that BTC will not fall below $19k.
First target is the purple dynamic support, second target the blue dynamic support. With the market still being stressed I'd prefer to keep my targets close.
www.fierytrading.com
https://www.tradingview.com/chart/GALAUSDT/UxT29ZOF-GALA-At-Capitulation-Low-Potential-Bounce-Ahead/
GALA is currently trading at a massive support. This support has been created during the LUNA-capitulation event almost two months ago, and has held strong ever since.
With BTC trading sideways and BTC dominance falling, I'd reckon that GALA will soon see a bullish move. Key is that BTC will not fall below $19k.
First target is the purple dynamic support, second target the blue dynamic support. With the market still being stressed I'd prefer to keep my targets close.
www.fierytrading.com
TradingView
🔥 GALA At Capitulation Low: Potential Bounce Ahead for BINANCE:GALAUSDT by FieryTrading
GALA is currently trading at a massive support. This support has been created during the LUNA-capitulation event almost two months ago, and has held strong ever since.
With BTC trading sideways and BTC dominance falling, I'd reckon that GALA will soon see…
With BTC trading sideways and BTC dominance falling, I'd reckon that GALA will soon see…
🔥 ONE Keeps Falling: No End In Sight
https://www.tradingview.com/chart/ONEUSDT/gp03uSyu-ONE-Keeps-Falling-No-End-In-Sight/
Around two months ago I made an analysis on ONE. In said analysis I wrote that ONE had much more pain ahead and was likely to make a move towards the $0.017 area.
Congratulations if you took the trade.
In my previous analysis I argued that $0.017 could potentially function as a bear-market low. Didn't expect we'd fall this fast, so I'm expecting ONE to fall even more. Realistically, we still have 1 - 1.5 years of bear market ahead, so more potential for downside.
0.01275 is our first target, short-term. $0.0075 is my long-term bear target. This area could potentially cause a big bounce, but we'll see by then.
www.fierytrading.com
https://www.tradingview.com/chart/ONEUSDT/gp03uSyu-ONE-Keeps-Falling-No-End-In-Sight/
Around two months ago I made an analysis on ONE. In said analysis I wrote that ONE had much more pain ahead and was likely to make a move towards the $0.017 area.
Congratulations if you took the trade.
In my previous analysis I argued that $0.017 could potentially function as a bear-market low. Didn't expect we'd fall this fast, so I'm expecting ONE to fall even more. Realistically, we still have 1 - 1.5 years of bear market ahead, so more potential for downside.
0.01275 is our first target, short-term. $0.0075 is my long-term bear target. This area could potentially cause a big bounce, but we'll see by then.
www.fierytrading.com
TradingView
🔥 ONE Keeps Falling: No End In Sight for BINANCE:ONEUSDT by FieryTrading
Around two months ago I made an analysis on ONE. In said analysis I wrote that ONE had much more pain ahead and was likely to make a move towards the $0.017 area.
Congratulations if you took the trade.
https://www.tradingview.com/chart/ONEUSDT/HOASSGL5…
Congratulations if you took the trade.
https://www.tradingview.com/chart/ONEUSDT/HOASSGL5…
Dear community, hope all is well.
Last week was quite an uneventful week. BTC has been trading between $19k - $21k, with some alts seeing big returns. Next week we have some big numbers coming up, like the non-farm payrolls, which is essentially data about the number of jobs created or lost.
BTC’s trend at the moment is bearish. I’m expecting a re-test of the $17.5k support area either this week or the next. Preferably this week so we can just get on with it. My bear-market bottom area lies between $10k-$15k, likely closer to $10k than to $15k. The sooner we get there, the sooner we can start preparing for the future.
Historically speaking, BTC has never been this oversold for such a long period. Once things cool off, I’m expecting a huge bounce. Until then, we’re bearish.
Premium channel’s results have not been great. Horizontal trading after a strong trend is generally a more difficult market. We hit some SL’s on the way down since we were long. At the moment, we’re dominantly trading short, in preparation for a further BTC fall. Results for the premium channel of this week: -15.5%. If BTC will indeed resume the bearish trend I’m expecting great returns in the week ahead.
Last week was quite an uneventful week. BTC has been trading between $19k - $21k, with some alts seeing big returns. Next week we have some big numbers coming up, like the non-farm payrolls, which is essentially data about the number of jobs created or lost.
BTC’s trend at the moment is bearish. I’m expecting a re-test of the $17.5k support area either this week or the next. Preferably this week so we can just get on with it. My bear-market bottom area lies between $10k-$15k, likely closer to $10k than to $15k. The sooner we get there, the sooner we can start preparing for the future.
Historically speaking, BTC has never been this oversold for such a long period. Once things cool off, I’m expecting a huge bounce. Until then, we’re bearish.
Premium channel’s results have not been great. Horizontal trading after a strong trend is generally a more difficult market. We hit some SL’s on the way down since we were long. At the moment, we’re dominantly trading short, in preparation for a further BTC fall. Results for the premium channel of this week: -15.5%. If BTC will indeed resume the bearish trend I’m expecting great returns in the week ahead.
image_2022-07-03_21-30-10.png
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Detailed overview of week 26-22
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📌 Premium signals: Entries, TP/SL, Premium-only content. Auto-trading with Cornix.io.
📌 Premium indicators.
📌 Testimonials: https://www.fierytrading.com/testimonials
🔥Lower Your Trading Fees Today!🔥
https://taplink.cc/fierytrading
🔥FREE Services🔥
📈 Try Premium Signals For Free: https://t.me/FT_Futures_free
🚀 Pump Alerts: https://t.me/FieryTradingPumpAlerts
🔥Prices🔥
🟡 GOLD $79 / 1 month.
🟢 PLATINUM $399 / 6 months.
🔵 DIAMOND $749 / Lifetime.
🔥Payment Options🔥
🚀 Crypto
💲 PayPal
💎Contact💎
https://t.me/FieryTrading_Chat_Bot
https://www.fierytrading.com/
Last week I started posting my analysis-text in this Telegram group. Do you prefer reading my analysis in Tradingview or in Telegram?
Anonymous Poll
83%
New is better. Analysis text in Telegram.
17%
Old is better. Analysis text in Tradingview
🔥 SAND V-Shaped Recovery After Huge Dump
https://www.tradingview.com/chart/SANDUSDT/3hCKWvKE-SAND-V-Shaped-Recovery-After-Huge-Dump/
A while ago I made an analysis on SAND where I argued that SAND was likely to see a period of bullish recovery after dumping for several months.
The bearish target was reached at $0.75, congratulations if you took the trade.
With my first target at $1.2 reached, we've confirmed a higher low and are on our way of making a new local high. If we can close the day above $1.2 I'd reckon we're going to continue the bullish trend and will soon see the $1.5 area reached.
What will happen after $1.5 will depend on Bitcoin . Ideally BTC will move back to >$22k so SAND can make a move to $2.
www.fierytrading.com
https://www.tradingview.com/chart/SANDUSDT/3hCKWvKE-SAND-V-Shaped-Recovery-After-Huge-Dump/
A while ago I made an analysis on SAND where I argued that SAND was likely to see a period of bullish recovery after dumping for several months.
The bearish target was reached at $0.75, congratulations if you took the trade.
With my first target at $1.2 reached, we've confirmed a higher low and are on our way of making a new local high. If we can close the day above $1.2 I'd reckon we're going to continue the bullish trend and will soon see the $1.5 area reached.
What will happen after $1.5 will depend on Bitcoin . Ideally BTC will move back to >$22k so SAND can make a move to $2.
www.fierytrading.com
TradingView
🔥 SAND V-Shaped Recovery After Huge Dump for BINANCE:SANDUSDT by FieryTrading
A while ago I made an analysis on SAND where I argued that SAND was likely to see a period of bullish recovery after dumping for several months.
https://www.tradingview.com/chart/SANDUSDT/1JaAU0Iy-SAND-Bearish-Target-Reached-Bounce-Expected/
The bearish…
https://www.tradingview.com/chart/SANDUSDT/1JaAU0Iy-SAND-Bearish-Target-Reached-Bounce-Expected/
The bearish…
🔥 WAVES Triangle Break Out: Is The Bottom In?
https://www.tradingview.com/chart/WAVESUSDT/TdeLD8N4-WAVES-Triangle-Break-Out-Is-The-Bottom-In/
https://www.tradingview.com/chart/WAVESUSDT/TdeLD8N4-WAVES-Triangle-Break-Out-Is-The-Bottom-In/
TradingView
🔥 WAVES Triangle Break Out: Is The Bottom In? for BINANCE:WAVESUSDT by FieryTrading
Over the course of several months, WAVES has been trading inside a triangle pattern. With BTC appearing relatively bullish at this point in time, it's time for alts to regain some of their losses.
I'm eyeballing this triangle, the yellow area in particular.…
I'm eyeballing this triangle, the yellow area in particular.…
🔥 RLC Fibonacci Reversal: Will The Trend Continue?
https://www.tradingview.com/chart/RLCUSDT/1V8aiQjh-RLC-Fibonacci-Reversal-Will-The-Trend-Continue/
RLC has been on a massive run last week. However, since topping around the $1.4 area RLC saw a 30% decline all the way back to $0.98
If we draw a Fibonacci retracement , we can clearly see that the 0.618 retracement is right on $0.98, so strong support was expected there.
If can see more bullish /neutral price action from BTC I think that RLC is going to form a lower high somewhere between $1.2 - $1.3 in the near future. A bearish BTC will make it more difficult, but still plausible.
www.fierytrading.com
https://www.tradingview.com/chart/RLCUSDT/1V8aiQjh-RLC-Fibonacci-Reversal-Will-The-Trend-Continue/
RLC has been on a massive run last week. However, since topping around the $1.4 area RLC saw a 30% decline all the way back to $0.98
If we draw a Fibonacci retracement , we can clearly see that the 0.618 retracement is right on $0.98, so strong support was expected there.
If can see more bullish /neutral price action from BTC I think that RLC is going to form a lower high somewhere between $1.2 - $1.3 in the near future. A bearish BTC will make it more difficult, but still plausible.
www.fierytrading.com
TradingView
🔥 RLC Fibonacci Reversal: Will The Trend Continue? for BINANCE:RLCUSDT by FieryTrading
RLC has been on a massive run last week. However, since topping around the $1.4 area RLC saw a 30% decline all the way back to $0.98
If we draw a Fibonacci retracement, we can clearly see that the 0.618 retracement is right on $0.98, so strong support was…
If we draw a Fibonacci retracement, we can clearly see that the 0.618 retracement is right on $0.98, so strong support was…
🔥 XRP Bearish Channel: Bears Are Happy
https://www.tradingview.com/chart/XRPUSDT/cwoe1W7E-XRP-Bearish-Channel-Bears-Are-Happy/
XRP has yet to show some significant bullish price action ever since the LUNA collapse almost two months ago.
Since then, XRP has been trading inside a bearish channel . Naturally, the bears are very happy with this chart.
In my view, we're likely to re-test the bottom of the channel. I'm not looking for an entry before we either touch the bottom of the channel or if we break out of this bearish channel on the top side.
If BTC fails to hold the $18k-$19k area, it's most likely that XRP will continue to drop, potentially all the way to $0.25, which is in line with my bear-market accumulation area for XRP.
www.fierytrading.com
https://www.tradingview.com/chart/XRPUSDT/cwoe1W7E-XRP-Bearish-Channel-Bears-Are-Happy/
XRP has yet to show some significant bullish price action ever since the LUNA collapse almost two months ago.
Since then, XRP has been trading inside a bearish channel . Naturally, the bears are very happy with this chart.
In my view, we're likely to re-test the bottom of the channel. I'm not looking for an entry before we either touch the bottom of the channel or if we break out of this bearish channel on the top side.
If BTC fails to hold the $18k-$19k area, it's most likely that XRP will continue to drop, potentially all the way to $0.25, which is in line with my bear-market accumulation area for XRP.
www.fierytrading.com
TradingView
🔥 XRP Bearish Channel: Bears Are Happy for BINANCE:XRPUSDT by FieryTrading
XRP has yet to show some significant bullish price action ever since the LUNA collapse almost two months ago.
Since then, XRP has been trading inside a bearish channel. Naturally, the bears are very happy with this chart.
In my view, we're likely to re…
Since then, XRP has been trading inside a bearish channel. Naturally, the bears are very happy with this chart.
In my view, we're likely to re…
🔥 Bitcoin On A Crossroad: Triangle Break Out
https://www.tradingview.com/chart/BTCUSDT/YExCNA6U-Bitcoin-On-A-Crossroad-Triangle-Break-Out/
A couple of days ago I made an analysis on BTC where I argued that we'd be on the verge of breaking bearish with $19k and $18k as my targets. $19k has been reached and held as support, congratulations if you took the trade.
Ever since the stock markets opened earlier today, Bitcoin has seen a huge bullish move. Where we were trading around $19k yesterday, we're almost trading 10% higher as we speak.
Since $19k held, we have now confirmed a higher-low and lower-high pattern, which forms a triangle on the chart. Classically, this pattern after a strong bearish trend would indicate that it is more likely for BTC to continue the bearish trend . However, since we're below historical oversold RSI's on the weekly timeframe I'm edging for a bullish break out of this move.
If we can get a 4H candle close above the yellow area, the bullish break out is confirmed and we can expect a bullish trend for a couple of days. Targets placed at recent highs.
On the other hand, it's still possible for BTC to bounce of the top resistance of the pattern. Watch carefully.
www.fierytrading.com
https://www.tradingview.com/chart/BTCUSDT/YExCNA6U-Bitcoin-On-A-Crossroad-Triangle-Break-Out/
A couple of days ago I made an analysis on BTC where I argued that we'd be on the verge of breaking bearish with $19k and $18k as my targets. $19k has been reached and held as support, congratulations if you took the trade.
Ever since the stock markets opened earlier today, Bitcoin has seen a huge bullish move. Where we were trading around $19k yesterday, we're almost trading 10% higher as we speak.
Since $19k held, we have now confirmed a higher-low and lower-high pattern, which forms a triangle on the chart. Classically, this pattern after a strong bearish trend would indicate that it is more likely for BTC to continue the bearish trend . However, since we're below historical oversold RSI's on the weekly timeframe I'm edging for a bullish break out of this move.
If we can get a 4H candle close above the yellow area, the bullish break out is confirmed and we can expect a bullish trend for a couple of days. Targets placed at recent highs.
On the other hand, it's still possible for BTC to bounce of the top resistance of the pattern. Watch carefully.
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🔥 Bitcoin On A Crossroad: Triangle Break Out for BINANCE:BTCUSDT by FieryTrading
A couple of days ago I made an analysis on BTC where I argued that we'd be on the verge of breaking bearish with $19k and $18k as my targets. $19k has been reached and held as support, congratulations if you took the trade.
https://www.tradingview.com/c…
https://www.tradingview.com/c…