Hello my friends!
As you can see, BTC broke out of the converging triangle and made its way up to 8200 dollars. To be honest, I didn’t know BTC would go up this high.
The market is very strong at this moment, but I think correction to 7500/7800 is very likely and we shouldn’t celebrate yet. However, You can see BTC forming a smaller converging triangle which is bullish to see. So we could see another beakout.
IF BTC breaks the support line at around 7500, it will become bearish again. But I don’t think It will drop below it.
There is also another support line at around 7800, and is possible that we will bounce from there. If so, the converging triangle pattern is not valid and it will look more like a descending triangle which is bearish.
If this descending triangle will develop, and only IF a confirmed breakout below the descending triangle is visible, we could see BTC going back to the 7500 level. This level is also a crucial support. If BTC breaks this support, it will become bearish again.
We had a bullish MACD cross, but we are beginning to reach a crucial resistance level. IF BTC manages to break that level (at around 8300), the horizon will look very nice and warm. Untill then, the sky is cloudy. When BTC broke out of the converging triangle, the RSI level reached almost 90! This is now at around 52, but still overbought. The best thing would be a retrace to the 40-50 RSI level before another breakout. This would keep BTC stable.
I want to thank you all for the support and love! Even though I joined tradingview just 10 days ago, I can feel the warmth of the community!
Let me show you the horizon,
Greetings, Krypton!
As you can see, BTC broke out of the converging triangle and made its way up to 8200 dollars. To be honest, I didn’t know BTC would go up this high.
The market is very strong at this moment, but I think correction to 7500/7800 is very likely and we shouldn’t celebrate yet. However, You can see BTC forming a smaller converging triangle which is bullish to see. So we could see another beakout.
IF BTC breaks the support line at around 7500, it will become bearish again. But I don’t think It will drop below it.
There is also another support line at around 7800, and is possible that we will bounce from there. If so, the converging triangle pattern is not valid and it will look more like a descending triangle which is bearish.
If this descending triangle will develop, and only IF a confirmed breakout below the descending triangle is visible, we could see BTC going back to the 7500 level. This level is also a crucial support. If BTC breaks this support, it will become bearish again.
We had a bullish MACD cross, but we are beginning to reach a crucial resistance level. IF BTC manages to break that level (at around 8300), the horizon will look very nice and warm. Untill then, the sky is cloudy. When BTC broke out of the converging triangle, the RSI level reached almost 90! This is now at around 52, but still overbought. The best thing would be a retrace to the 40-50 RSI level before another breakout. This would keep BTC stable.
I want to thank you all for the support and love! Even though I joined tradingview just 10 days ago, I can feel the warmth of the community!
Let me show you the horizon,
Greetings, Krypton!