hey guys welcome for another quick update on Bitcoin BTC, now this sudden price surge is bit surprising for me, cuz i was expecting for the prices to go a bit lower
but seems like bitcoin has made a double bottom formation, although we've seen this kind of parabolic moves in btc doesn't ends well, eventually this types of moves ends as bull trap, liquidating positions and killing stops.
my personal thoughts are that this 1000$ move which we achieved in just 9 hrs, doesn't seems organic and we do need to be very careful at this place
moving to the charts, so as you see that we get the perfect bullish momentum as RSI forming higher highs with prices going lower lows, rally halt at the exact red zone or the white line coming all the way from 13800 highs of June, now the key zone to watch is 69xx-68xx (green zone) where bulls need to protect this rally, if we break this zone than most likely we're going to the new lows and if prices bounce from here than most likely we could break the red zone in coming days.
another important chart you need to keep an eye
notice the flags how prices respecting this trend line
in this chart notice the red zone which we need to break to confirm the trend reversal
the short term downtrend coming all the way from 10300 seems to be broken as prices have already confirmed it the second time.
meanwhile my custom RSI is now strongly moving upside seems that prices strongly getting bullish momentum, but i would prefer to stay neutral unless we break and make a daily close above the red zone.
alright guys, that's all for now, if you like my work than do support me with your followings, comments and likes
this keeps me boosted with confidence to keep bringing new ideas for you:)
this is Husain, signing out...
thakyou
but seems like bitcoin has made a double bottom formation, although we've seen this kind of parabolic moves in btc doesn't ends well, eventually this types of moves ends as bull trap, liquidating positions and killing stops.
my personal thoughts are that this 1000$ move which we achieved in just 9 hrs, doesn't seems organic and we do need to be very careful at this place
moving to the charts, so as you see that we get the perfect bullish momentum as RSI forming higher highs with prices going lower lows, rally halt at the exact red zone or the white line coming all the way from 13800 highs of June, now the key zone to watch is 69xx-68xx (green zone) where bulls need to protect this rally, if we break this zone than most likely we're going to the new lows and if prices bounce from here than most likely we could break the red zone in coming days.
another important chart you need to keep an eye
the short term downtrend coming all the way from 10300 seems to be broken as prices have already confirmed it the second time.
meanwhile my custom RSI is now strongly moving upside seems that prices strongly getting bullish momentum, but i would prefer to stay neutral unless we break and make a daily close above the red zone.
alright guys, that's all for now, if you like my work than do support me with your followings, comments and likes
this keeps me boosted with confidence to keep bringing new ideas for you:)
this is Husain, signing out...
thakyou
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