BTCUSD Bitcoin is setting up to do something exciting. We have a potential huge inverse head & shoulders developing on the daily chart, and now that we have overcome the large downtrend line, we should be watching for higher lows and higher highs as signs to accumulate coins. On the hourly chart, I see old resistance becoming new support around 10765, and the 50ma (green line) as well as a bullish trendline converging near the most recent resistance point soon. The hourly 50ma and/or 11150 likely need to be tested again before a strong run, but seeing VWAP has been reclaimed shows buyers are already showing up, so this could go sooner than later. I'm buying dips here. As long as 10750 holds, we are cleared for take-off. Otherwise, I'll watch the hourly 200 ma (~10500) to hold for the next signal to buy-the-dip. A rejection at the yellow previous resistance line ~11720 would produce a buyable pullback as well (perhaps to the hourly 50ma), so I'll be watching that price line closely if we reach it soon. A breakout over that line with volume could run for days given that the distance between the head and the breakout point would be nearly a 100% move. The lower indicators are also promising, with the WIlliam %R looking bullish with a double bottom support around the -50 line on the daily, and the hourly just now pulling over that midline. Breakout could be eminent...
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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.