Bitcoin in post halvening uptrend? Look for retest of 10k area.
Hello tradingview community, this will be my first published chart here, so please go easy on me.
Right now I see Bitcoin maintaining in a post halvening uptrend after the flash crash that dumped almost 20% of bitcoin's value in about 30 minutes time.
After washing out long positions that were stacked for a halvening bullrun, the bulls aggressively bought the dip and reclaimed the 20 day EMA at 8,660.
Right now candles and indicators on larger time frames are looking bullish, with the RSI pointing up on 12h, 1d, and 1w charts.
The breakout of the 9200 area by the bulls has paved the way for a retest of the 10k zone. You can see in my chart Bitcoin in a clear uptrend which should retest the upper part of the channel and the long term down trend line. I expect the bears to aggressively defend the 10k-10.7k area.
Conversely, if the bottom of the channel breaks down, below 8100-8200 levels a drop to the critical support in the 6500 range is possible. Given the strength of the bounce from the 8100 levels and the halvening momentum, I look at this as a low probability. I would like to see Bitcoin show strength by consolidating above or at the longterm downtrend line after reaching the top of the current channel.
Please comment and subscribe if you enjoy this analysis and good luck to everyone in 2020 and beyond.
Regards,
Rom
Right now I see Bitcoin maintaining in a post halvening uptrend after the flash crash that dumped almost 20% of bitcoin's value in about 30 minutes time.
After washing out long positions that were stacked for a halvening bullrun, the bulls aggressively bought the dip and reclaimed the 20 day EMA at 8,660.
Right now candles and indicators on larger time frames are looking bullish, with the RSI pointing up on 12h, 1d, and 1w charts.
The breakout of the 9200 area by the bulls has paved the way for a retest of the 10k zone. You can see in my chart Bitcoin in a clear uptrend which should retest the upper part of the channel and the long term down trend line. I expect the bears to aggressively defend the 10k-10.7k area.
Conversely, if the bottom of the channel breaks down, below 8100-8200 levels a drop to the critical support in the 6500 range is possible. Given the strength of the bounce from the 8100 levels and the halvening momentum, I look at this as a low probability. I would like to see Bitcoin show strength by consolidating above or at the longterm downtrend line after reaching the top of the current channel.
Please comment and subscribe if you enjoy this analysis and good luck to everyone in 2020 and beyond.
Regards,
Rom
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