Hello Crypto Traders,
After Friday's stronger decline, BTC bounced off strong support zone and price incresed to $9560. At this price level local downtrend resistance is located and BTC was reflected down to support at $9200.
Now BTC moves in a very narrow channel between EMA50 ($9280) and EMA21 ($9320). However, the BTC is still holding above the Ichi cloud, which is a positive signal. MACD shows a change to Bullish (orange circle), but until the lines were crossed, the upward trend will not be confirmed.
Today I want to highlight two important aspects:
A) Ichi Conversion line (green line) - Now BTC is below this line. If we look into the past, how BTC responds to this line. Look for blue cyrcles - without significant volume, BTC was always reflected down.
B) RSI - we are now approaching 50%, which is an important value if we get over, then it's a bullish signal. But let's be careful, again in the past, BTC reacted to this level with a significant price drop down (green circles).
The game also features a "double top" pattern, price levels at $9560 and $9760. If BTC gets above these values, then it will test the magical resistance $10000 again.
Personally, I do not see opportunities to trade now. I'll wait till the end of the weekend and then adjust to the new situation.
If you want to trade - profits targets are mentioned above (double top patterns + 10K) and set up stoploss at $9100. Good luck.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me.
Thank you!