View attachment 52484
Hi all. Here`s my latest Bitcoin (BTC) analysis.
First of all I`ve got to mention that this is my short term analysis and it`s going to be really short.
In the next few days i`ll present you my really long term (kind of edited) analysis too.
Now let`s get to the technicals.
The main point here is the ascending triangle at 4H chart. This pattern most of the time leads to a bullish breakout but we`ll see.
One last point for today. Thanks to Glassnode we can monitor a lot of on-chain activity out there. The last thing that i`ve noticed is the enormous amount of Tether USD (USDT) which is stacking into exchanges. And now you`ll be asking: “So what?”. USDT is the easiest way to buy/sell BTC for the so called whales. But is you`re selling BTC, the you`ll cash out BTC for USDT and then for real cash. But when you want to be fast with buying BTC, then you`re staking your real cash to USDT in exchanges and just patiently wait to start buying BTC. Isn`t simple enough?
- Pivot point for this week is $6182.09
- We`re far above it right now which is awesome for this and the next week.
- Resistances:
- 1st $7100-7300 (a MAJOR one) – that`s the top of the ascending triangle and also 61.8 fibo level at weekly chart. A break above it will be a strong bullish signal.
- 2nd $7800 (by previous PA)
- 3rd $8500 (by 50% fibo level and previous PA) – here the resistance can be even a bit lower by VPVR indicator.
- Supports:
- 1st $6400 (last resistance)
- 2nd $5600 (MAJOR support by historical PA)
That`s from me for now.
Looks good to me !View attachment 52484
Hi all. Here`s my latest Bitcoin (BTC) analysis.
First of all I`ve got to mention that this is my short term analysis and it`s going to be really short.
In the next few days i`ll present you my really long term (kind of edited) analysis too.
Now let`s get to the technicals.
The main point here is the ascending triangle at 4H chart. This pattern most of the time leads to a bullish breakout but we`ll see.
One last point for today. Thanks to Glassnode we can monitor a lot of on-chain activity out there. The last thing that i`ve noticed is the enormous amount of Tether USD (USDT) which is stacking into exchanges. And now you`ll be asking: “So what?”. USDT is the easiest way to buy/sell BTC for the so called whales. But is you`re selling BTC, the you`ll cash out BTC for USDT and then for real cash. But when you want to be fast with buying BTC, then you`re staking your real cash to USDT in exchanges and just patiently wait to start buying BTC. Isn`t simple enough?
- Pivot point for this week is $6182.09
- We`re far above it right now which is awesome for this and the next week.
- Resistances:
- 1st $7100-7300 (a MAJOR one) – that`s the top of the ascending triangle and also 61.8 fibo level at weekly chart. A break above it will be a strong bullish signal.
- 2nd $7800 (by previous PA)
- 3rd $8500 (by 50% fibo level and previous PA) – here the resistance can be even a bit lower by VPVR indicator.
- Supports:
- 1st $6400 (last resistance)
- 2nd $5600 (MAJOR support by historical PA)
That`s from me for now.