Bitcoin - August 9, 2020 (Bullish)

9 באוג׳ 2020

BTCUSD

Hi everyone,

... back with another (quick) update.


As predicted in my previous post, BTC bounced off the .5 Fib (11,330).
So, what now?

In my opinion, we are forming an ascending triangle (AT), with resistance at the .786 Fib (11,770).
We are currently riding the support of the triangle, so watch out for that. A break down (with convincing volume) would invalidate the AT.

Until that happens, I will remain bullish.

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OPINION (unchanged): BULLISH

ANALYSIS (updated):
-----------------------------
See above

10 באוג׳ 2020

הערה

Quick update!

https://www.tradingview.com/x/ARHuSWJ8/[\image]

I am not liking the action of the past 12 hours, so I closed my long position.
- We got a (downwards) triangle break, to test the (magenta) line, that marks the trend line of this "bull run".
- That break was followed by a +/- 5% run-up, to test the 12,100 level. However,
** Volume has been weak.
** We bounced off the 12,100 level and are currently consolidating near the 12,000 level.

You can argue that we are forming a bull pennant, but I don't trust it.
I prefer to watch it from the sideline.

Note that the Weekly, Daily, 4H and 1H RSIs are all above .70.