Bitcoin Price: Crypto Market May be Poised for Bullish Breakout
发布时间：2018-11-07 16:58:33 发布人：TokenString
Bitcoin on Tuesday confirmed another bull flag formation after reversing from its downside correction action.
The BTC/USD pair has
almost negated the losses made during yesterday’s trading session,
bringing the 24-hour gains to 0.46 percent. The pair found a strong
intraday support level at 6372-fiat, just ahead of testing the lower
trendline of the parallel channel introduced in the previous analysis.
It reversed from the said level to retest its interim resistance at
6421-fiat. The BTC/USD pair is now trading at 6427-fiat on a
comparatively high volume day. Coupled with the bull flag formation, it
is also signaling further upside action as the US session comes into
play.
SOURCE: TRADINGVIEW.COM
The hourly signals are turning more bullish as BTC/USD continues to
trend above its 100- and 200-period simple moving averages. At the same
time, the RSI is also reversing to the north from its current neutral
area, hinting a possibility of a strong push towards the overbought
region. The Stochastic Oscillator movements are also biased towards the
north, moving right towards the area defined by strong buying sentiment.
The upside bias nevertheless remains capped by a medium-term
descending trendline depicted in blue. A break above it could bring
BTC/USD inside a bull trap. But, an extended momentum that takes the
pair above 6810-fiat could confirm a medium-term upside sentiment in the
market.
BTC/USD Intraday Analysis
Our focus is likely to remain on our intraday positions, to take out
the maximum profits regardless of the direction of the BTC/USD price
action. So, without further ado, let’s have a look.
SOURCE: TRADINGVIEW.COM
Our intraday positions from yesterday have allowed us to exit our
long position towards 6421-fiat on a decent profit. As we now gear up
for another day of trading, the levels we are watching stand slightly
modified. A break above 6421-fiat has allowed us to find an ideal long
target at 6450-fiat instead while keeping 6472-fiat in view. A
stop-loss order at 6515-fiat is defining our risk management perspective
on these long positions.
A breakout action above 6421-fiat only puts BTC/USD in a bull trap,
meaning the pair could attempt a strong reversal nevertheless. So a sign
of reversal coupled with an increase in volume could have us open a
short position towards the lower trendline of the parallel channel
formation while eyeing 6329-fiat as a potential downside target. In both
these positions, maintaining a stop loss order just 5-pips above the
entry point will minimize our losses.
Bitcoin on Tuesday confirmed another bull flag formation after reversing from its downside correction action.
The BTC/USD pair has almost negated the losses made during yesterday’s trading session, bringing the 24-hour gains to 0.46 percent. The pair found a strong intraday support level at 6372-fiat, just ahead of testing the lower trendline of the parallel channel introduced in the previous analysis. It reversed from the said level to retest its interim resistance at 6421-fiat. The BTC/USD pair is now trading at 6427-fiat on a comparatively high volume day. Coupled with the bull flag formation, it is also signaling further upside action as the US session comes into play.
SOURCE: TRADINGVIEW.COM
The hourly signals are turning more bullish as BTC/USD continues to trend above its 100- and 200-period simple moving averages. At the same time, the RSI is also reversing to the north from its current neutral area, hinting a possibility of a strong push towards the overbought region. The Stochastic Oscillator movements are also biased towards the north, moving right towards the area defined by strong buying sentiment.
The upside bias nevertheless remains capped by a medium-term descending trendline depicted in blue. A break above it could bring BTC/USD inside a bull trap. But, an extended momentum that takes the pair above 6810-fiat could confirm a medium-term upside sentiment in the market.
BTC/USD Intraday Analysis
Our focus is likely to remain on our intraday positions, to take out the maximum profits regardless of the direction of the BTC/USD price action. So, without further ado, let’s have a look.
SOURCE: TRADINGVIEW.COM
Our intraday positions from yesterday have allowed us to exit our long position towards 6421-fiat on a decent profit. As we now gear up for another day of trading, the levels we are watching stand slightly modified. A break above 6421-fiat has allowed us to find an ideal long target at 6450-fiat instead while keeping 6472-fiat in view. A stop-loss order at 6515-fiat is defining our risk management perspective on these long positions.
A breakout action above 6421-fiat only puts BTC/USD in a bull trap, meaning the pair could attempt a strong reversal nevertheless. So a sign of reversal coupled with an increase in volume could have us open a short position towards the lower trendline of the parallel channel formation while eyeing 6329-fiat as a potential downside target. In both these positions, maintaining a stop loss order just 5-pips above the entry point will minimize our losses.
