BTCUSD show strength - Breaks divergent RSI and rising wedge
BTCUSD showed strength last night by breaking upwards despite having a double bearish signal of a rising wedge and a (slightly) divergent RSI. The volume increase was also significant.
It found resistance at 12740 (blue horizontal line) which has acted as a previous support on 4 previous occasions in 2018 - so will prove to be a strong level. This is also the 0.786 fib level of the recent rise.
Having broken through previous resistance (red line) this is now starting to provide support for an upward movement. If BTC continues to get support from the bulls and chases this support, passing through blue resistance level then we will likely see continued upward movement. I would take profits on the up movement on the key fib levels to 1.618.
This is not investment advice. Keen to hear other views in the comments below.
It found resistance at 12740 (blue horizontal line) which has acted as a previous support on 4 previous occasions in 2018 - so will prove to be a strong level. This is also the 0.786 fib level of the recent rise.
Having broken through previous resistance (red line) this is now starting to provide support for an upward movement. If BTC continues to get support from the bulls and chases this support, passing through blue resistance level then we will likely see continued upward movement. I would take profits on the up movement on the key fib levels to 1.618.
This is not investment advice. Keen to hear other views in the comments below.
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BTC continues to have mixed signals (see notes on chart below). At a key moment where we need more bulls to help it move through the cloud to find higher support.
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Using adjusted Ichimoku settings which are more suitable to BTC given the maturity of the coin we are getting what looks to be a bullish KJ/TK cross.
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So BTC didn't hold and has moved down and sideways since. This new chart shows the key areas of support/resistance. Given that the recent drop coincided with the CME bitcoin futures contract expiry and that we have the CBOE close on the 26th I expect price to continue to be uncertain. Potentially dropping to the indicated 9500 level. I expect strong volume and support at this level.
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As expected the CBOE futures close caused a price drop. However price has recovered which is a good sign of strength.
The below chart shows the current support/resistance levels in blue. BTC really needs to close above the next 11800 level on the 8hour or daily to show the bulls are back in control
The below chart shows the current support/resistance levels in blue. BTC really needs to close above the next 11800 level on the 8hour or daily to show the bulls are back in control