- October 10, 2020
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
As the title says, the price broke above the MA50 on the 1D chart for thr first time since September 03. By doing so, it touched my first short-term target of $11500 as discussed on the idea below (on September 25th):
And more recently as seen on October 06, as it broke above this Triangle:
** The 1D Channel Up **
The wider (long-term) pattern is see on the left screen and is the (green) Channel Up on the 1D chart. I have analyzed the dynamics of this Channel extensively since May, June, but more recently, I incorporated smaller formations in it, as seen on the idea below:
** The 4H Channel Up **
So all the above suggest that a very important break-out took place for Bitcoin on the long-term. Apart though from the 1D Channel Up, we shouldn’t ignore the more short-term pattern on the right hand-side of the screen, the Channel Up on the 4H chart (blue). This shows that the price has basically completed the symmetrical +13% rise and as it is near the Higher High trend-line, it may deliver a pull-back. We need to see this Higher High trend-line break before adding up on our buy positions.
Apart from that, the confirmation of bullish extension on the 1D chart is the MA20/ MA50 Golden Cross. As seen on the left chart, both the LMACD and the RSI are setting up such a bullish break-out.
Do you think we should wait for the blue 4H Channel Up to break first before buying more, or follow the bullish set-up on 1D (LMACD/ RSI)? Feel free to share your work and let me know in the comments section!
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