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Bitcoin BTC/USD BLX Short-Term Analysis

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Short-term analysis of #Bitcoin on the H6 timeframe:

For several months #BTC was trading inside a bear flag which has finally broken to the downside.
However, Bitcoin remains strong and the bearish breakout was not as harsh as expected.
BTC is currently trading inside a bullish wedge which has in general a probability for a breakout to the upside of approximately 67%.

There are several reason why I think that in this case the probability for a bullish outbreak is high in this case:
- Stochastic RSI is turning bullish and is moving above the 20 level
(note: the StochRSI also looks quite bullish on the 2D TF!)
- Bullish crossover on the Wave Trend oscillator
- on the H4/H6 timeframes we can see a strong bullish divergence on the MACD
- the #Crypto Fear & Greed index is at very low levels and holds its support 20

In addition to this we can see that the bullish momentum on the DXY seems to be exhausted on the H6 timeframe which means that there will be a short-term correction in the DXY.
A correction of the DXY is a further bullish signal for crypto as well as for stock markets.

Take profit targets:
TP1@ $40600
TP2@ $42690
(note: strong resistance between 43k - 45k)

Disclaimer!
We (Asset-Ethology) are not a financial adviser. For educational purpose only!
You can use the information from the post to make your own trading decisions.
Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

註釋

set SL@ $36268 (below 100-week MA)

註釋

BTC got rejected near 40k after the breakout

註釋

BTC has broken the 100 WMA which is currently at $36248 (but not confirmed yet).
We found support on the last support-trendline (last red trendline which you can see on the chart above). SL can be adjusted to $35259 which is slightly below this trendline. I think we will see a short bounce from this support-trendline which can be used as an exit opportunity. Previous support has now turned into resistance , next resistance level is at about $37400.-

註釋

🚨 Bitcoin is currently testing support zone between $32.000 - $29.000 🚨
100WMA has now turned into strong resistance (between $36.000 - $37.000)!

Last hope is the support zone between $32.000 - $29.000.
If BTC breaks $28750 we will go down even faster!

Next weak support is between $23-24k (small LVN).
200 WMA support is at $21.860 but we can go lower (Wave 5 Fib-Extension is at ~ 16k). Next strong support zone is between $19.000 - $17.600!
Bear flag target is at approximately $13.000.-