Welcome friends, to this quick update analysis on BITCOIN! I'm charting from my hotel room this morning, and I'm traveling today, so I have to make this quick. You can see that BTC has broken out above all of the immediate overhead resistance, after surpassing the neckline of the inverse head and shoulders pattern. You can see that BTC has rallied up just below the 200 EMA (in purple,) and now appears to be forming a bullish consolidation. I've drawn a bull flag over the current formation, so that you can watch to see how it performs. If it breaks to the upside, the 200 EMA will be immediate resistance, but the height of the flag pole suggests a potential continuation toward the top of the downtrend channel. If this pattern breaks down, however, there is a ton of support that is now below us. We have the green dashed trendline, the 50 EMA (in orange,) the 78.6% retrace, and the extension of the neckline from the inverse head and shoulders pattern. As a form of caution, I would be wary of a break of the 50 EMA in orange. It was resistance for a long time, and now BTC has finally defined it as support. If we break through that level, it wouldn't be a good sign. Good luck trading everyone!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! 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.***
-MPC loves you-
-JD-
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! 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.***
-MPC loves you-
-JD-
