BTCUSD
Welcome, all my crypto lover friends. Let's get straight to the TA.
It looks like the inverse H&S pattern has failed (for now). The moment when we thought that we are out of the bearish territory, we got dragged into it again (probably by Mt Gox). The four hour BTC chart says that we are not out of the bearish territory yet, but, we will be soon.
From the past two days, BTC has been swinging in the price range of $8300 to $9700 (two Orange dotted lines). BTC was way below the 20 (Red) and 50 (Orange) EMA but it's catching it up at this moment. And yet BTC is much below the 100 (Dark Blue) and 200 (Sky Blue) EMA. Having a look at the volume(Pink ellipse), it looks like BTC has more trading volume in the past two days than the past week from March 1st to 7th, which is a good sign. Also, the RSI level seems to be increasing and it's above fifty percentage at this moment. Besides this, BTC is having higher high than the previous. All these could be a sign of a bullish trend, but the important thing to remember here is, we are still in the bearish channel, which BTC has followed from the beginning of this year (shaded portion).
Right now, BTC may rise form here at a certain level, may touch the 100 EMA, but it's likely to return to the bearish territory and test the support level around $7500 (the lower red line or the green line channel) if the trading volume decreases as of now.
I think, BTC is going to rise until the RSI level reaches 80 percent, but then again it will fall hard this time and test the lower support level (Green line channel). This could be due to the Mt Gox. Let's call it Goxish behaviour of bitcoin which we may see in the coming hours.
This correction in bitcoin price will be a significant one and after this, we may see the slow bull run of bitcoin. 'Slow Bullrun', because apparently if you see it looks like BTC is moving sideways with some ups and down, but, gradually moving it's way up and once it grabs that pace, we are on our way to the moon.
Always bullish on Bitcoin. All hail Bitcoin.
Hope for the best. May the odds be ever in your favour (while trading too).
Please follow, comment, like, and share on social media. Good luck trading everyone!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*
