Quick update after my last analysis on Bitcoin.
We broke the 5DMA and as expected we are right on the 10.1K support level. I raised the support level from 10K to 10150 at it seems more accurate.
We still have an increasing VWAP (from 2/6 6K level) but I expect this indicator to start heading down indicating a bearish momentum again.
I don't see a long term rebound and a return to the uptrend movement as we just had a very strong pullback.
Instead, we could see a short rebound to 10.5K (very unsure about the rebound as we could also go down again from the current level) which could offer us a good opportunity for a quick short below 10K. I wouldn't short right now after the huge pullback as it'll be a very risky trade. Instead I would wait for a rebound and a confirmation for the short at 9990. This way we could have a stop loss for the short at 10100 with a target of 9400.
Not to mention that we now have a nice H&S.
The VWAP will help us monitoring the price action. As shown on the graph, and taking into account that the VWAP will head down, we could land in the 8900-9200 price zone, were long trade should be studied. If HS confirmed, target would be 8800ish.
We broke the 5DMA and as expected we are right on the 10.1K support level. I raised the support level from 10K to 10150 at it seems more accurate.
We still have an increasing VWAP (from 2/6 6K level) but I expect this indicator to start heading down indicating a bearish momentum again.
I don't see a long term rebound and a return to the uptrend movement as we just had a very strong pullback.
Instead, we could see a short rebound to 10.5K (very unsure about the rebound as we could also go down again from the current level) which could offer us a good opportunity for a quick short below 10K. I wouldn't short right now after the huge pullback as it'll be a very risky trade. Instead I would wait for a rebound and a confirmation for the short at 9990. This way we could have a stop loss for the short at 10100 with a target of 9400.
Not to mention that we now have a nice H&S.
The VWAP will help us monitoring the price action. As shown on the graph, and taking into account that the VWAP will head down, we could land in the 8900-9200 price zone, were long trade should be studied. If HS confirmed, target would be 8800ish.
BTC did find support on the AVWAP level and we did not get our bounce to 10400.
The HS can't be confirmed looking at the new chart.