Hello and welcome to this price action analysis. In this post, we'll be going over BTC price action, what prices did today and what they might likely do tomorrow.
But first, a brief background check of who the heck I am and why you should even listen to me.
My name is Max, and I'm a crypto futures trader. I trade inverse swap contracts, and I make a living through it. I equally have over 3 years of experience (4 years by July) and have been consistently profitable since November 2017.(check my post on my journey to 0.1BTC to know more)
Now that that's aside, let's get started.
The chart below is from Bybit, and it's on my phone because I'm bloody lazy and don't want to just airdrop the PNG file to my phone, where I'm typing this(also because I already had Publish0x loaded here and don't want to type in the password on my laptop)
As we can see, there was a temporary resistance formed around the 8931.50 price point. Prices had failed to get over this price point 3 times yesterday, and two times today also. Prices eventually broke through and rallied past yesterday's high of 9167.
Equally, funding rates on Bybit for the whole of today favoured the bears, but surprisingly on the flip and retest of that resistance, the bulls had their way with bitcoin.
Price is still above the 10 and 20 moving averages, and is constantly retesting the 10 period moving average, which has been acting as a support since the breakout.
A fail of this MA to continue acting as a support will see prices fall to the 8931 price area. A fail of that to hold, and we see 8.2k again.
With the negative finding rates, it seems the bears still have the say, but we might see some potential upside tomorrow.
Speaking of tomorrow, I see prices forming a wedge like pattern on the hourly. It is uncertain if price will really or fall until the wedge is complete, but you can be sure of an update on that tomorrow.
As always, thanks for reading and do not take any of this as financial advice. Someone once lost his life savings listening to a guy on the internet whose profile picture is a Pepe meme.
If you'd like to follow my advice to test how credible I am, you could use free Bitcoins to try it out. Send me some profits if price goes up!
