BTC Analysis 4/26/2020
Hello fellow traders. Wanted to give you a quick rundown on how I am seeing BTC right now...
A couple days ago we broke out above previous resistance at ~7450 and went up to around 7800, where we quickly got knocked back down. However, the resistance at 7450 has flipped to support and we are trading in a new channel. I am also seeing a Bull Pennant forming, so another leg up is a real possibility. If it does break upwards, this would also put us right into my previous heavy resistance zone between 8200-8700 which is also the Fib "Golden Pocket" that I love trading so much.
However, there is another perspective...
I am also seeing bearish divergences on both RSI and MFI on the 1H and 4H charts. This is indicative of bulls losing momentum. Its certainly possible to get one more good leg up, but in order for that to happen, we would need to see way more volume coming in. If I see a breakout with great volume, I will be going Long above ~7720 with targets at 8200, 8400, 8700. If it fails and breaks down, I will be waiting to get confirmation of my Trend Catcher Strategy on the 1D chart to open a Short position.
BTC has been heavily correlated with the stock market lately, so I expect that if tomorrow is a green day for the legacy markets, I fully expect our bull pennant breakout to occur. Keeping a close eye on this one...
Take care and trade safe!
P.S. Be sure to hit "like" if you find my analysis helpful :)
A couple days ago we broke out above previous resistance at ~7450 and went up to around 7800, where we quickly got knocked back down. However, the resistance at 7450 has flipped to support and we are trading in a new channel. I am also seeing a Bull Pennant forming, so another leg up is a real possibility. If it does break upwards, this would also put us right into my previous heavy resistance zone between 8200-8700 which is also the Fib "Golden Pocket" that I love trading so much.
However, there is another perspective...
I am also seeing bearish divergences on both RSI and MFI on the 1H and 4H charts. This is indicative of bulls losing momentum. Its certainly possible to get one more good leg up, but in order for that to happen, we would need to see way more volume coming in. If I see a breakout with great volume, I will be going Long above ~7720 with targets at 8200, 8400, 8700. If it fails and breaks down, I will be waiting to get confirmation of my Trend Catcher Strategy on the 1D chart to open a Short position.
BTC has been heavily correlated with the stock market lately, so I expect that if tomorrow is a green day for the legacy markets, I fully expect our bull pennant breakout to occur. Keeping a close eye on this one...
Take care and trade safe!
P.S. Be sure to hit "like" if you find my analysis helpful :)
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