BTCUSD Analysis 05-03-2020

in #ocd9 months ago (edited)

Screenshot_20200305-161241.png

Green Line: 21MA (Dynamic Support and Resistance)
Time Frame: Daily and H4

Today my analysis on the BTCUSD would be majorly on the Daily Time Frame and I'd try to bring updates as the real intention of the BTC price unfolds.

As my chart shows, the BTC price has been trapped in an ascending triangle which means the best place the price can go from there is up.

IMG_20200305_162719.jpg

From the above picture, we can see that the bullish reversal candlestick pattern called Morning Star has formed twice which mostly means a bullish run. But the dynamic resistance might just reject the price to the trendline before a bullish continuation.

Let's zoom into the 4hr Time Frame

IMG_20200305_170237.jpg

The overall chart pattern on the 4hr time frame is what is called the Inverse head and shoulder which is another confirmation of a bullish move.

Also, I wouldn't pay attention to the spinning top forming currently on the 4hr as the candle is still new and might eventually close as a bullish candlestick.

Till I write again,
Pearlumie.

This is not a FINANCIAL ADVICE. I’m not in anyway responsible for any losses you might incur trading Cryptocurrencies

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