BTCUSD High Time Frame Breakout Imminent - IMPORTANT UPDATE
Hello My Followers!
Today’s update will focus on BTC’s higher timeframe, trading very close to its apex where key levels diverge - a trade opportunity is coming to fruition!
Points to consider,
- Strong bull trend on weekly
- Key support/ Resistance converging
- 21 week MA as key support
- Volume currently below average
- RSI broke key resistance
- Stochastics in upper region
Bitcoins weekly projection looks very bullish with another potential higher low established as price travels towards the down sloping resistance.
Key support and resistance levels are converging, signalling a true apex in the chart leading to an imminent break.
The 21 weekly moving average as of historic significance is very valid in determining whether we are in bull or bear market, right now is supporting price.
The RSI has broken key resistance, a retest for confirmation is likely, and this is the first time since April that the RSI has breached it. The stochastics is trading in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
Volume is currently below average, an increase will confirm a true breakout from BTC’s apex, this will overall confirm the trend of BTC.
What are your thoughts?
Please leave a like and comment,
And remember,
“Those traders who have confidence in their own trades, who trust themselves to do what needs to be done without hesitation, are the ones who become successful. They no longer fear the erratic behavior of the market. They learn to focus on the information that helps them spot opportunities to make a profit, rather than focusing on the information that reinforces their fears.” Mark Douglas
Today’s update will focus on BTC’s higher timeframe, trading very close to its apex where key levels diverge - a trade opportunity is coming to fruition!
Points to consider,
- Strong bull trend on weekly
- Key support/ Resistance converging
- 21 week MA as key support
- Volume currently below average
- RSI broke key resistance
- Stochastics in upper region
Bitcoins weekly projection looks very bullish with another potential higher low established as price travels towards the down sloping resistance.
Key support and resistance levels are converging, signalling a true apex in the chart leading to an imminent break.
The 21 weekly moving average as of historic significance is very valid in determining whether we are in bull or bear market, right now is supporting price.
The RSI has broken key resistance, a retest for confirmation is likely, and this is the first time since April that the RSI has breached it. The stochastics is trading in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
Volume is currently below average, an increase will confirm a true breakout from BTC’s apex, this will overall confirm the trend of BTC.
What are your thoughts?
Please leave a like and comment,
And remember,
“Those traders who have confidence in their own trades, who trust themselves to do what needs to be done without hesitation, are the ones who become successful. They no longer fear the erratic behavior of the market. They learn to focus on the information that helps them spot opportunities to make a profit, rather than focusing on the information that reinforces their fears.” Mark Douglas
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