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Let's analyze BTC/USD on the 1D chart.
This analysis is a follow up analysis of my previous Bitcoin analysis (See related ideas below for details of my original analysis for more information), and I strongly recommend reading the previous analysis so you can better understand this one.
When previously analyzing the daily chart, I discovered a side-wards support/resistance line that is currently in control of trend which is at 8790 (At current levels), and on 11th May price actually failed a support on the line, and broke below it.
Today, there is what looks like a morning star signal setting up. so the question now is, is the morning star indicating momentum that could break us above the side-wards resistance and go back to the upside again? Or is the morning star signal indicating there will be some short term upside, simply retesting the new side-wards resistance once again before breaking down?
I believe it's the second option. I believe there will be a retest on the side-wards level at 8590 and it will go lower again, at least, for a little while.
I will update this analysis when I receive above 40 likes.
Let's analyze BTC/USD on the 1D chart.
This analysis is a follow up analysis of my previous Bitcoin analysis (See related ideas below for details of my original analysis for more information), and I strongly recommend reading the previous analysis so you can better understand this one.
When previously analyzing the daily chart, I discovered a side-wards support/resistance line that is currently in control of trend which is at 8790 (At current levels), and on 11th May price actually failed a support on the line, and broke below it.
Today, there is what looks like a morning star signal setting up. so the question now is, is the morning star indicating momentum that could break us above the side-wards resistance and go back to the upside again? Or is the morning star signal indicating there will be some short term upside, simply retesting the new side-wards resistance once again before breaking down?
I believe it's the second option. I believe there will be a retest on the side-wards level at 8590 and it will go lower again, at least, for a little while.
I will update this analysis when I receive above 40 likes.
Remember guys, I am simply trading what I SEE and not what I THINK. This is why I am so accurate with my trading ideas I post on TradingView.
I am glad to be you guys one stop shop for Cryptocurrency analysis!