Posts

๐Ÿ“ˆ Daily TA: Bitcoin (BTC/USD) | 01-12-2021

avatar of @cryptospa
25
cryptospa
@cryptospa
ยท
ยท
0 views
ยท
2 min read

All Time HIVE and hodl, dear members of LeoFinance!

Today, I would like to comment on the chart of Bitcoin.

In the daily chart (1D), BTC/USD remains within the Ascending channel (uptrend): However, the correction that started in the middle of November continues. That's why at the moment I am in a wait-and-see mode.

In the 1-hour chart (1H), this correction has a shape of Descending Narrowing Wedge (downtrend): As can be seen from the chart, BTC/USD is trying to exit the wedge. If it happens then the chances of uptrend renewal in the 4-hour chart will be higher.

However, I will enter the market only if I see in the 30-minute chart or 15-minute chart (15M) an Ascending channel (uptrend), like in the picture below. Namely, a sequence of higher lows and higher highs respectively: Because, even if the price exits the Descending Narrowing Wedge in the 1-hour chart, it may just consolidate by moving sideways and later renew the downtrend. That's why I would like to see invalidation of this potential scenario by seeing an uptrend in the 15-minute or 30-minute chart.

To be continued ...

As of the time of writing, one BTC costs $56702,50 on the Bitstamp crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

Check @crypto-guides to learn about the essentials of the major cryptocurrencies.

Join the crypto exchange Bittrex: https://bittrex.com/Account/Register?referralCode=3GB-QAJ-BMW

Posted Using LeoFinance Beta