BTCUSD- the return of bulls or a dead cat bounce ?
Hello, my fellow traders,
On Thursday, April 2, BTC finally made a break out of the $6,900-$7,000 zone after moving above the ascending triangle on the daily chart. The coin peaked at $7,235, but in the later hours of trading, bulls lost momentum and were rejected while being forced to drop back to the upper (horizontal) side of the triangle, around $6,800. Bitcoin still managed to close with a 2.5 increase.
In the early hours of trading on Friday, April 3, we are seeing BTCUSD trading above the resistance line, or near $6,930, so the current strategy remains the same as before - we definitely need a daily candle to close above the $6,900-$7,000 corridor in order to confirm a reverse to the upside.
On the 1-hour chart, there was a period of sideways consolidation near the $6,800 line since yesterday evening, which resulted in a break to $6,900 in the early morning today. BTC is currently trading above all major slow and fast EMAs including 100-day and 200-day.
The leading cryptocurrency ended the month of March with a 25 percent loss, which is truly bad speaking from a macro perspective. On the other hand, on both weekly and monthly timeframes, we see $7,000 as a remarkably important line on the way up. Next for bulls will be to fill the gap to $7,700.
Weekly
Monthly
The 24-hour trading volumes increased from $30 billion on Monday morning up to $36 billion on Tuesday, then fell back to $30 billion on Wednesday, which perfectly matched the short-lived bull run. They started to pick up on Thursday and reached a week high at $50 billion on Friday morning.
The RSI indicator is already seeing values above the buy zone on the 1h chart, but still, it is far away from the peak registered yesterday and on March 17 when we saw the coin peaking at $7,150-$7,250.
Personally, I plan to add some positions here, but not too much as the bullish case on this setup is not from the book meaning that I'd rather expect to see the upward move first with a confirmation on the daily chart instead of trading sporadic impulses on the hourly.
On Thursday, April 2, BTC finally made a break out of the $6,900-$7,000 zone after moving above the ascending triangle on the daily chart. The coin peaked at $7,235, but in the later hours of trading, bulls lost momentum and were rejected while being forced to drop back to the upper (horizontal) side of the triangle, around $6,800. Bitcoin still managed to close with a 2.5 increase.
In the early hours of trading on Friday, April 3, we are seeing BTCUSD trading above the resistance line, or near $6,930, so the current strategy remains the same as before - we definitely need a daily candle to close above the $6,900-$7,000 corridor in order to confirm a reverse to the upside.
On the 1-hour chart, there was a period of sideways consolidation near the $6,800 line since yesterday evening, which resulted in a break to $6,900 in the early morning today. BTC is currently trading above all major slow and fast EMAs including 100-day and 200-day.
The leading cryptocurrency ended the month of March with a 25 percent loss, which is truly bad speaking from a macro perspective. On the other hand, on both weekly and monthly timeframes, we see $7,000 as a remarkably important line on the way up. Next for bulls will be to fill the gap to $7,700.
Weekly
Monthly
The 24-hour trading volumes increased from $30 billion on Monday morning up to $36 billion on Tuesday, then fell back to $30 billion on Wednesday, which perfectly matched the short-lived bull run. They started to pick up on Thursday and reached a week high at $50 billion on Friday morning.
The RSI indicator is already seeing values above the buy zone on the 1h chart, but still, it is far away from the peak registered yesterday and on March 17 when we saw the coin peaking at $7,150-$7,250.
Personally, I plan to add some positions here, but not too much as the bullish case on this setup is not from the book meaning that I'd rather expect to see the upward move first with a confirmation on the daily chart instead of trading sporadic impulses on the hourly.
הערה:
Just a bull idea:
