Hi All, Crypto Sludge here.
If you followed my yesterday's post, i mentioned that we were close to a decision point, and although i expected this a day later, one of the lines had to give, and it was the downtrend!
BTC has finally broke through the downtrend it started after almost reaching 20K$.
This is the 4H chart, and you can clearly see the breakout above the red downtrend line.
With a bit of luck, i am expecting BTC to continue to rise with the 1st resistance point at 12217$ and 12865$ both of them are TD risk lines formed by the TD 9 Sell signals we received earlier. Your stop loss is the green up trend line as if we break that i will consider this reversal broken and will need to re-evaluate the situation.
This is a risky trade, and i am not taking it myself personally, i will consider BTC truly bullish after it will break 13621$ the TD make trend line and buy the breakout.
Let me know what you think
Trade ON!
Crypto Sludge
Looks like the market reversed and broke the short term up-trend line, longer term is still intact, will re-evaluate the situation. As i said, risky trade is risky :D
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Great news..
This is what i have been waiting for the good old bull run..
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It's the strongest signal we had since the big drop, we will need more confirmation for a true bull run, but yea, about time the bulls got out of the pens. Bears parties all month , lets let them to get stuck with the bill :D
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And it was a big drop now wasn't it?
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I don't see a drop, this is the 1h, if anything we are starting a new TD up count with plenty of room.
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Nothing better than a bit of TA, love it man!! Thank you for the post, I recently did one on Bitcoin myself if you wish to check it out :)
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My pleasure, sure i'll have a look.
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Interesting analysis though I'm not normally into subjective TA but always curious what people think. Short term I'm bullish on BTC (and long term but it will have its ups and downs) as seen from my data below. Check this out if it interests you: https://steemit.com/steem/@weilii/introducing-the-neux-oracle-steem-and-bitcoin-trade-signals Just started following you, would appreciate a follow back if my price analysis content interests you as well :)
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