Today’s update will be on Bitcoins recent developments, where a possible is playing out with a confirmed Bart pattern. BTC is now trading at a very strong resistant point which can only be broken with strong bull .
Will bulls have enough in the tank to break resistance or is a retracement back to support more probable?
Points to consider,
– Trend confirmed Bart pattern
– Local Support Respected
– Local Resistance is in Confluence with Structural Resistance
– Stochastics Projected upwards
– yet to turn
– needs follow through
The recent trend in Bitcoin’s price has been following a with a confirmed Bart from local support. BTC consolidated before an impulse move down, where bulls instantaneously showed up to move price right back in to resistance. The current level that is being tested needs to break for strong momentum.
Local support was respected by Bitcoin , confirming the S/R flip. This signalled that buyers were strong, putting in a healthy retest of previous resistance. Local Resistance however is in confluence with the macro structural resistance. This is a very strong area that Bitcoin needs to break for continued momentum. For this to come to fruition, we need strong follow through with bull , otherwise price will retrace back to local support.
is currently testing resistance in neutral territory; it is not in overbought nor oversold at current given time. The Stochastics is projected upwards, we still have momentum stored to the upside if Bitcoin is capable of breaking the strong resistance.
The EMA’s are yet to turn completely , the yellow needs to cross the blue to confirm bull momentum. is very important right now for Bitcoin , we need an increase in bull , currently it is looking very weak.
Overall, In My Opinion, local support has been tested and respected, but we do have very strong resistance levels that need to break. is very key right now, like I mentioned, it does look quite weak but it is too early to tell. A retest of local support again is quite probable at current given time before an impulse break of major resistance levels.
What are your thoughts on the recent developments of Bitcoin?
Please leave a like and comment,
“Opportunities come infrequently. When it rains gold put out a bucket not a thimble.” – Warren Buffet
Published at Mon, 11 Nov 2019 03:06:25 +0000