BitcoinLong
BTCUSD Technical Analysis
Based on the H1 Timeframe, BTCUSD has broken out of the resistance level @ 9183 and appears to be retesting it, looking to be forming a bullish flag.
To watch for:
- BREAKOUT ABOVE 9400 --> definitely means a LONG opportunity to the next resistance for Take Profit 1 @ 9650, TP2 @ 9980, and TP3 @ 10180 (Which are historical strong resistances seen in Feburary 2020 and used to be strong supports in July-Oct 2019)
- BREAKDOWN back into the channel --> will see a retouch of the nearest support level @ 8910 for a SHORT opportunity, might fall towards TP 2 @ 8648 (but judging how halving is just days away, unlikely to have enough selling pressure to overcome the bullish sentiment in such a short time)
BTCUSD looking beautiful LONG on the technical indicators:
- MACD --> High up in the green at 91 points, very bullish pattern although it can be seen buying volumes has decreased slightly after the pump
- Stochastic --> High up near the 80s, with a crossover, typical of a bullish pattern
Fundamental Analysis :
- Halving is just days away --> Bullish sentiment is definitely present, I would not recommending opening a short due to the high volatility
- Trillions of household debt in USA, crippled economies (Asian stocks struggling on the news of US - China tensions) --> Inflation of Fiat Currency as the Fed releases trillions in stimulus package, investors go towards the sole best DEFLATIONARY currency in the world : BITCOIN
- Halving day would see a sudden half of the BTC mining rate --> Basic supply and demand rules point towards a sure rise in BTC prices
Feel free to comment and feedback, these are just my humble two cents :)
Regards,
Dav,
A beginner trader in training
To watch for:
- BREAKOUT ABOVE 9400 --> definitely means a LONG opportunity to the next resistance for Take Profit 1 @ 9650, TP2 @ 9980, and TP3 @ 10180 (Which are historical strong resistances seen in Feburary 2020 and used to be strong supports in July-Oct 2019)
- BREAKDOWN back into the channel --> will see a retouch of the nearest support level @ 8910 for a SHORT opportunity, might fall towards TP 2 @ 8648 (but judging how halving is just days away, unlikely to have enough selling pressure to overcome the bullish sentiment in such a short time)
BTCUSD looking beautiful LONG on the technical indicators:
- MACD --> High up in the green at 91 points, very bullish pattern although it can be seen buying volumes has decreased slightly after the pump
- Stochastic --> High up near the 80s, with a crossover, typical of a bullish pattern
Fundamental Analysis :
- Halving is just days away --> Bullish sentiment is definitely present, I would not recommending opening a short due to the high volatility
- Trillions of household debt in USA, crippled economies (Asian stocks struggling on the news of US - China tensions) --> Inflation of Fiat Currency as the Fed releases trillions in stimulus package, investors go towards the sole best DEFLATIONARY currency in the world : BITCOIN
- Halving day would see a sudden half of the BTC mining rate --> Basic supply and demand rules point towards a sure rise in BTC prices
Feel free to comment and feedback, these are just my humble two cents :)
Regards,
Dav,
A beginner trader in training
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