Hi all. At last some activity for Bitcoin this week. Not much but for now it`s very bullish.
Actual PA situation: 1. At last the price significantly broke the upper side of the 3 years symmetrical triangle. If we close this week at this level the whole candle will be above this triangle which will be super.
2. 10 EMA – the price is perfectly bouncing from it again.
3. 21 EMA - the price is still above it even without a touch of it.
4. Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
5. Parabolic SAR – Another bullish week and there`s 13 weeks bullish signaling.
6. Weekly pivot point is $9196.56. We`re far from it so far, so I can say that next week can be positive too.
7. Support and resistance:
1st support - $8500 - 50% Fibo and VPVR profile
2nd support - $7800
1st resistance - $9500-9800
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH like mentioned above.
8. Like I told you last week the BTC volatility is very low. Under 40 actually. Like you`ll see from the chart, every time when this happened it`s followed by a significant move soon after it. Despite the corona drop, last such low was before the 14K run last summer. All this points are 100% bullish and seems like Plan A is in play.
P.S. The 4th Golden gross on a 2D chart into a Bitcoin history is already a fact!
Hi all. What a week for Bitcoin right? Like I’m repeating you last weeks it was imminent to see such movement. Before the actual price action, I want to summarize the week into a couple of words. First, we broke the 3 years symmetrical triangle at last and we did it with a significant volume. Till this night drop I was a bit concerned cuz we literally skyrocketed and like I’ve told you in the past, such movement without a correction is not healthy. At second point let`s get to this night drop. Yes, it was significant but for me it`s actually a perfectly bullish. Why? You`ll see from the price action below.
Actual PA situation: Support and resistance: Support: 1st support - $10500 – last MAJOR resistance. This support has been tested already with this night drop and done it`s job perfectly. That`s why I’m bullish about this drop. 2nd support - $9000 Resistance: 1st resistance - $12500 – almost the last bigger resistance before the clear skies, accordingly to VPVR. 2nd resistance - $14000 – the last resistance before the 20K test I can say (the last top + VPVR). Somewhere between 1st and 2nd resistance is $10K, which can act as a support too cuz of the psychological level. 10 EMA – the price is still above it even without a touch of it. 21 EMA - the price is still above it even without a touch of it. Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period. Parabolic SAR – Another bullish week and there`s 14 weeks bullish signaling. Weekly pivot point is $9757.62. We`re far from it so far, so I can say that next week can be positive too. BTC volatility is still under 40 actually so more movements can be expected. That`s all for now. Not much may be, but I think it`s explaining the actual situation. Next week i`ll try to go deeper. See ya next time.
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