BTCUSD - Analysis of 29.04.2020
In today's session, the quotation broke the resistance line of the ascending channel upwards, kicking off a bull run that has so far posted a +15%, or an appreciation of $1,000 in 24 hours.
The channel's target is positioned precisely in correspondence with the long-term trend line (9,400) where we expect a strong area of resistance that could retrace the quote, even up to 6,000.
The movement of today has been too much rapid and extended, which has not allowed a long entry adopting a technique of brack out trading. In fact we waited for a daily closing to position ourselves.
Moreover a movement so fast and with rather scarce volumes, like that of today, is often destined to suffer a significant collapse due to strong liquidations.
The indicators are positive, which suggests a possible continuation to the target mentioned above.
For now we are waiting for valid signals before positioning ourselves.
The channel's target is positioned precisely in correspondence with the long-term trend line (9,400) where we expect a strong area of resistance that could retrace the quote, even up to 6,000.
The movement of today has been too much rapid and extended, which has not allowed a long entry adopting a technique of brack out trading. In fact we waited for a daily closing to position ourselves.
Moreover a movement so fast and with rather scarce volumes, like that of today, is often destined to suffer a significant collapse due to strong liquidations.
The indicators are positive, which suggests a possible continuation to the target mentioned above.
For now we are waiting for valid signals before positioning ourselves.
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