Verethragna

BTC ready to move up to test the previous resistance

COINBASE:BTCUSD   Bitcoin
Hello Crypto Family

Just after I started to post some TA, BTC started to drop. I've used these couple of months to develop some indicators to help us read the market a bit better which I would love to share with you. We shouldn't expect 100% accuracy ;)
Since August many altcoins have started a little uptrend. Whales seem to buy into alts before pumping BTC, right now we have a very similar situation/trend like in April when we had our last altcoin bull-run. Let's see what BTC is going to :)

BTC TA
Hourly
  • because of Tether fud, we had a pump on the 15th of October but we hit a resistance line (6800) and had a sell-off, longs and shorts both got squeezed.
  • shorts are rising again and this makes another short squeezed possible.
  • On MACD and RSI we are in the apex of a symmetric Triangle and the current move is pointing to the upside.

1H

  • on 1h we have a ABCDE pattern, with E already in, we should see a move up. It's difficult to tell if this is a bull or bear flag.
  • Also the MACD is about to have a bullish cross.

Bear side
As you can see we have dropped under the previous uptrend channel. On the move up we have many resistance lines to cross:
  • 6500 = previous support line in the uptrend channel
  • 6800 = previous high and pushing out of the channel
  • 7400 = previous high in Sep.

In the next posts I'll give you an introduction to my new indicators. I'm going to give these indicators away to a small group of people. With your feedback, I'll try to improve these indicators for us.
If you are interested, feel free to keep in touch.
Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.