The Bollinger bands (+2 and -2 standard deviations from the 20-hour moving average) narrowed after the dip below $8,000, indicating the low volatility period - popularly known as a Bollinger band squeeze.
The 19-hour squeeze ended with a bullish breakout. Additionally, the hourly relative strength index (RSI) is above 50.00 and trending north, also indicating a bullish setup. So, BTC could have another attempt at breaching at the trendline resistance seen today at $8,420.
However, a failure to capitalize on the bullish Bollinger breakout could yield a drop below $7,900 (previous day's low). In such a case, BTC will likely test 4-hour 200 MA lined up at $7,690.
That said, the outlook as per the daily chart still remains bullish.
The 19-hour squeeze ended with a bullish breakout. Additionally, the hourly relative strength index (RSI) is above 50.00 and trending north, also indicating a bullish setup. So, BTC could have another attempt at breaching at the trendline resistance seen today at $8,420.
However, a failure to capitalize on the bullish Bollinger breakout could yield a drop below $7,900 (previous day's low). In such a case, BTC will likely test 4-hour 200 MA lined up at $7,690.
That said, the outlook as per the daily chart still remains bullish.
Only a daily close below $7,510 (double-bottom neckline/former resistance turned support) would abort the bullish view.
Meanwhile, a dip to $7,690 will likely find bids as the short-term momentum studies are biased bullish. The 5-day MA and the 10-day MA continue to slope upwards (bullish).
Meanwhile, a dip to $7,690 will likely find bids as the short-term momentum studies are biased bullish. The 5-day MA and the 10-day MA continue to slope upwards (bullish).
View:
- Bitcoin could revisit the descending trendline resistance seen today at $8,420. A daily close (as per UTC) above that level would confirm a long-term bearish-to-bullish trend change.
- On the downside, a move below $7,900 could yield a fruther drop to $7,690.
- A daily close below $7,510 would signal the rally from the April 1 low of $6,425 has ended.
- Bitcoin could revisit the descending trendline resistance seen today at $8,420. A daily close (as per UTC) above that level would confirm a long-term bearish-to-bullish trend change.
- On the downside, a move below $7,900 could yield a fruther drop to $7,690.
- A daily close below $7,510 would signal the rally from the April 1 low of $6,425 has ended.
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Want to trade with us?
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Also we want to thank safetrading.today for trying to make the cryptosphere a safer place.
If u ever got scammed by some channel, please contact @safetradingsupport with details so u can help others not to make the same mistake.
Thank you everyone for the support.
Let the CryptoBullet hit you 🙃
#XRP
OUTLOOK: Bullish, but a healthy pullback cannot be ruled out
Overbought daily RSI, potential double bottom on 1-hour chart. Could test $0.80
Overall outlook bullish as suggested by ascending 5DMA and 10DMA.
OUTLOOK: Bullish, but a healthy pullback cannot be ruled out
Overbought daily RSI, potential double bottom on 1-hour chart. Could test $0.80
Overall outlook bullish as suggested by ascending 5DMA and 10DMA.
#BTCUSD Daily Snapshot
OUTLOOK: Bullish abv $8,459
"Sideways breach" of long term descending trendline does not indicate bullish breakout
So bulls would like to see break abv $8,459
Close below $7,823 would signal deeper pullback to $7.2
OUTLOOK: Bullish abv $8,459
"Sideways breach" of long term descending trendline does not indicate bullish breakout
So bulls would like to see break abv $8,459
Close below $7,823 would signal deeper pullback to $7.2
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The European Parliament has voted in favor of stricter regulations in the crypto sector. Crypto exchanges and wallet providers will be required to introduce customer due diligence procedures, including identity verification. The platforms will have to apply for registration in order to offer their services. The new measures come with the latest update of the EU Anti-Money Laundering Directive.
The European Parliament has voted in favor of stricter regulations in the crypto sector. Crypto exchanges and wallet providers will be required to introduce customer due diligence procedures, including identity verification. The platforms will have to apply for registration in order to offer their services. The new measures come with the latest update of the EU Anti-Money Laundering Directive.
The above chart shows:
The long-term descending trendline has been breached in a convincing manner, signaling a long-term bullish-to-bearish trend change.
The 5-day moving average (MA) and the 10-day MA are trending north, indicating a short-term bullish setup.
The 200-day MA resistance is lined up at $9,737.
The long-term descending trendline has been breached in a convincing manner, signaling a long-term bullish-to-bearish trend change.
The 5-day moving average (MA) and the 10-day MA are trending north, indicating a short-term bullish setup.
The 200-day MA resistance is lined up at $9,737.
View:
Despite the pullback from $9,060, the outlook remains bullish. Cryptocurrency may crowd out weak bulls (risk-averse traders) by revisiting the trendline support (former resistance) before finding acceptance above the $9,000 mark.
The bullish breakout suggests the cryptocurrency will likely test 200-day MA hurdle of $9,737 in the short-run.
Only a daily close (as per UTC) below the ascending (bullish biased) 10-day MA would signal bullish invalidation.
Despite the pullback from $9,060, the outlook remains bullish. Cryptocurrency may crowd out weak bulls (risk-averse traders) by revisiting the trendline support (former resistance) before finding acceptance above the $9,000 mark.
The bullish breakout suggests the cryptocurrency will likely test 200-day MA hurdle of $9,737 in the short-run.
Only a daily close (as per UTC) below the ascending (bullish biased) 10-day MA would signal bullish invalidation.
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#ETHUSD
OUTLOOK: Bullish, but upside limited
Could test $660-$670 but trendline resistance will likely hold as the RSI is close to signaling overbought conditions
Rejection the trendline could yield a pullback to ascending (bullish biased) 10-day MA
OUTLOOK: Bullish, but upside limited
Could test $660-$670 but trendline resistance will likely hold as the RSI is close to signaling overbought conditions
Rejection the trendline could yield a pullback to ascending (bullish biased) 10-day MA