Hello Crypto Friends!
How is everyone? I have not done any posts lately as i have been ill with Corona Virus. It sucks, but i am feeling better now. I am a heavy smoker so it really hit my lungs hard. I found plenty of Sun and good nutrition helps ALOT. Boost the immune system and you should be fine!
Lets look at BTC-
Weekly-
So we still have one day to go, but currently the weekly is above the 200MA.
We have bounced off the bottom of this channel and tested the mid line.
I have put the COT indicator on and we can see that institutions are closing their shorts. Lets zoom in on it -
The Green line represents the 4 biggest long positions and the red shorts. We can see that the green line is now headed upwards and the red down, looking like they want to cross over.
This coming week will be interesting and should give us a good signal on what is coming for the future of BTC.
Lets look at the daily-
We bounced nicely off the 1597 MA, and tested the 987. The money flow (yellow line on indicator) has rounded off and headed upwards.
Looking at the RSI, we had a falling wedge, which we dipped below and then came back into it and have currently broken out of.
This is highly bullish in my mind. Normally we see patterns play out in the RSI before we see it happen on the chart.
So i have drawn the wedge. We are currently testing the bottom trendline.
We are in a rising wedge pattern but only half way through the pattern. It looks like we are going to test the top trend line of the descending wedge at around 8k.
We could then break down from the rising wedge, and hopefully find support around the 6k area, before the next big move to 10k.
Lastly lets look at Fibonnaci-
Well look at that! The old 618 golden pocket..... My current trading plan is to aim for that 8k. I have a stop below the rising wedge trend line, which i am moving up as we move . I am looking for the price to pop out the top of the wedge with ending volume and big wick. I will most likely short from there.
If we break down from the wedge i will also flip short. Not financial advice. You should always make your own trading plans.
Oh and if you saw my Chainlink analysis a while back - here - and you caught that move, i will be doing another analysis tommorow.
Happy Trading!
