Hi guys,
Happy Easter Holidays to my Orthodox friends in Eastern Europe. It is of huge importance to spend more time with our families these days and try to forget at least for a few days about all the negativity that surrounds us recently.
Going back to the charts, let's have one last look at BTC this week.
Yesterday we avoided going down to the mid-$6k zone, which was in contrast with our prediction from Monday and Wednesday, but that's okay as I'm still not fully convinced we are out of the woods.
Bulls successfully rebounded from $6,600 even though the price of the leading cryptocurrency fell below $6,500 during intraday. The BTC/USD pair added 7.8 percent to its value and moved up to $7,125 at the end of the session - above both the upper end of the S/R zone at $6,900-$7,000 and the 50-day EMA. So, Phase 1 is still in play.
Buyers will have to make sure bitcoin closes today above the mentioned average line and which is more important - above $7,100 as this will allow it to break out of the short-term downtrend it is in since April 8. The next goal naturally is $7.700.
Bears, on the other hand, simply need to defend the downward movement and the direction towards $6,400.
The RSI index, which as you know indicates the strength of the current movement or momentum if you want, is at the point of reaching the breakpoint of the line coming down from February, so a solid green candle on the daily chart today will surely see it break, entering buy zone.
24-h trading volumes climbed up to $44-$45 billion on Thursday and early Friday after trading in the good old $32-$33 billion zone the previous two days.
On the 1-h chart, we can clearly see BTC is in a sideways consolidation since yesterday evening. We can even call this a bullish rectangle with a little more imagination lol to a make a small bull case here. On the bear side of things its clear we are in the downswing.
I just made simple chart setups from what I see on the graph and share them. I don't try to imagine things or draw the lines to suit my vision or my expectations. I try to be coldblooded when it comes to trading. I learnt this the hard way and now I'm not putting emotions into it.
Cheers,
Happy Easter Holidays to my Orthodox friends in Eastern Europe. It is of huge importance to spend more time with our families these days and try to forget at least for a few days about all the negativity that surrounds us recently.
Going back to the charts, let's have one last look at BTC this week.
Yesterday we avoided going down to the mid-$6k zone, which was in contrast with our prediction from Monday and Wednesday, but that's okay as I'm still not fully convinced we are out of the woods.
Bulls successfully rebounded from $6,600 even though the price of the leading cryptocurrency fell below $6,500 during intraday. The BTC/USD pair added 7.8 percent to its value and moved up to $7,125 at the end of the session - above both the upper end of the S/R zone at $6,900-$7,000 and the 50-day EMA. So, Phase 1 is still in play.
Buyers will have to make sure bitcoin closes today above the mentioned average line and which is more important - above $7,100 as this will allow it to break out of the short-term downtrend it is in since April 8. The next goal naturally is $7.700.
Bears, on the other hand, simply need to defend the downward movement and the direction towards $6,400.
The RSI index, which as you know indicates the strength of the current movement or momentum if you want, is at the point of reaching the breakpoint of the line coming down from February, so a solid green candle on the daily chart today will surely see it break, entering buy zone.
24-h trading volumes climbed up to $44-$45 billion on Thursday and early Friday after trading in the good old $32-$33 billion zone the previous two days.
On the 1-h chart, we can clearly see BTC is in a sideways consolidation since yesterday evening. We can even call this a bullish rectangle with a little more imagination lol to a make a small bull case here. On the bear side of things its clear we are in the downswing.
I just made simple chart setups from what I see on the graph and share them. I don't try to imagine things or draw the lines to suit my vision or my expectations. I try to be coldblooded when it comes to trading. I learnt this the hard way and now I'm not putting emotions into it.
Cheers,
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.