BTC/USD Price update...💪Need to break neckline resistance on reverse head and shoulders 12k 📈

in bitcoin •  9 months ago

To see How I've been analyzing BTC/USD.. Check out my previous post.



We had a nice close on the daily above the 100ema on 3.01.18 followed by the break over resistance on 3.02.18 . The Buying pressure has continued today getting Price up to $11.5k so far in the day...

Head & Shoulders

We have a nice reverse head and shoulders formation with neckline right around 11.5k.. if we break that resistance and reach a new high in this current wave it will be very bullish indicator in my opinion


Low Volume hourly closed below 50 EMA

One thing to keep an eye on is that the volume is still pretty as soon as we touched the 11.5k resistance we saw a drastic drop in the hourly closing below the 50ema...


4 Hour 50- 100 EMA Cross over + Bounce

We still have a few hours to go on the day but I think 11.5 will be the high for the day. I am hoping to see some more volume coming in as well as a cross over of the 50 & 100 EMA's on the 4 hour with a nice bounce off those EMA's... we see this and I am confident we will be reaching the 12k mark in the next couple of days maybe even tomorrow if the cross over and bounce plus some volume happen. If this does not happen I see it could come back down to hold around the 11k support which was previous resistance to then come back and reach the new high for the this wave, if 11k does not hold next support would be at the 100ema or 10.5k level... if we get there I will re analyze my charts and give you an update.


News and market Sentiment

Keep an eye on the news and market sentiment.. so far I've heard a lot of good stories about new/big money coming in to the space but also about regulations... One thing is for sure the Blockchain is not going anywhere.. Trade/Invest safe...


The journey to 12.5 k continues once we get there I will re analyze the charts and set some new predictions.. Remember this is not investing advice, and should not be perceived as such. This is my opinion and what my TA is signaling.

Visit my website for more Crypto content


CA LOgo Official small (1).png

Leave a comment below if you have any thoughts or questions.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hope the price of bch will rise, will it?


BCH/USD.. I See a strong level of support @ 1.1K.. you can see it clearly on the weekly chart... I marked the weeks that respected this support level with arrows on the picture below. It just bounced of the support this current week... the 50ema on the daily is right around that support level of 1.1k wait for the break and close below for bearish confirmation...if we have a nice bounce of the 50 i see a recovery on the way (it actually did have a nice bounce already on 8.26.18 FYI just need some volume)... The market as whole has been pretty quiet and volume has been down look for a pick up in volume for strength confirmation...hope this helps


Congratulations! This post has been upvoted from the communal account, @minnowsupport, by cryptoaltcoin from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.