Probably re-test previous support line
Hello again Wonderful person!
Hope you all have had a great time since last time, and still take it safe even though the lock-downs are easying up (at least in Europe).
It has been some time since my last article due to heavy lifting in my current work, and had no extra energy to spend on the charts.
Very interesting move for BTC the last couple of days, and to be honest, I did not expect this sharp incline and quick break of the upper triangle resistance line.
So now what?
I have included a new indicator on my charts: Commodity Channel Index, and still tweaking its moving average index (so not in the publish chart yet).
My thought is to compare this CCI with the RSI and Stochastic to get a better comparison.
It looks like the indicators are showing some weakness in the momentum, but overall still strong.
I wish I could give you guys and myself a better reasoning, but I think we will re-test the support line: 8500, do a small "dead-cat bounce" and further re-test the support line at 7777.
Also, I am open that BTC might go up a little more before the re-testing, but I am willing to take the risk and rebalance my portfolio and hold more cash to see if I can buy at a better price the next coming month.
Hope you all are still sane in the lock-downs and keep safe, until next time!
Hope you all have had a great time since last time, and still take it safe even though the lock-downs are easying up (at least in Europe).
It has been some time since my last article due to heavy lifting in my current work, and had no extra energy to spend on the charts.
Very interesting move for BTC the last couple of days, and to be honest, I did not expect this sharp incline and quick break of the upper triangle resistance line.
So now what?
I have included a new indicator on my charts: Commodity Channel Index, and still tweaking its moving average index (so not in the publish chart yet).
My thought is to compare this CCI with the RSI and Stochastic to get a better comparison.
It looks like the indicators are showing some weakness in the momentum, but overall still strong.
I wish I could give you guys and myself a better reasoning, but I think we will re-test the support line: 8500, do a small "dead-cat bounce" and further re-test the support line at 7777.
Also, I am open that BTC might go up a little more before the re-testing, but I am willing to take the risk and rebalance my portfolio and hold more cash to see if I can buy at a better price the next coming month.
Hope you all are still sane in the lock-downs and keep safe, until next time!
Happy hunting and stay safe!
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