Hey guys welcome to a very important bitcoin update
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Bitcoin yesterday broke out of the descending triangle as well as the resistance giving as a confirmation of a breakout which was volume supported comparing to previous breakouts. We entered the trade and closed some our position at 10935$. We made a high of 10986$ but couldn't close a candle above the resistance, got rejected at the resistance did not hold the support at 10800$ and tested 10650$ level.
Now we have again broken out of the triangle but its not volume supported and getting rejected at the resistance.There is also 200MA (green line) acting as resistance for bitcoin. I am shifting bearish in the shorterm, but if we breakout out of the resistance with volume higher than compared to previous breakout i will turn bullish and the breakout will also push us to 11170$ the previous high.
This is all in Micro timeframe, however i am still bullish on bitcoin on Macro timeframe as you can also see we have been making higher lows each time and in the weekly timeframe we have broken out of a long term symmetrical triangle as well as most importantly we did not go below the previous low nor did we close below 21EMA which gives us further bullish confirmation. But i am still prepared for both sides. There is always a chance for bitcoin to become bearish and the most valid reason i see is because of U.S. Election.
A request from all of you to please like and follow our Hard work to keep encouraging us, there's no fee for likes and followings :)
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Thanks for reading...
For further inquiries or questions dm or comment below
--------------------------------------------------------
this is Husain Zabir, signing out
Thankyou...
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Bitcoin yesterday broke out of the descending triangle as well as the resistance giving as a confirmation of a breakout which was volume supported comparing to previous breakouts. We entered the trade and closed some our position at 10935$. We made a high of 10986$ but couldn't close a candle above the resistance, got rejected at the resistance did not hold the support at 10800$ and tested 10650$ level.
Now we have again broken out of the triangle but its not volume supported and getting rejected at the resistance.There is also 200MA (green line) acting as resistance for bitcoin. I am shifting bearish in the shorterm, but if we breakout out of the resistance with volume higher than compared to previous breakout i will turn bullish and the breakout will also push us to 11170$ the previous high.
This is all in Micro timeframe, however i am still bullish on bitcoin on Macro timeframe as you can also see we have been making higher lows each time and in the weekly timeframe we have broken out of a long term symmetrical triangle as well as most importantly we did not go below the previous low nor did we close below 21EMA which gives us further bullish confirmation. But i am still prepared for both sides. There is always a chance for bitcoin to become bearish and the most valid reason i see is because of U.S. Election.
A request from all of you to please like and follow our Hard work to keep encouraging us, there's no fee for likes and followings :)
--------------------------------------------------------
Thanks for reading...
For further inquiries or questions dm or comment below
--------------------------------------------------------
this is Husain Zabir, signing out
Thankyou...