Finally Bitcoin (BTC) Broke Out The Wedge

 

 

Broke out the wedge and moving towards the next resistance levels:
On the daily time frame after testing a very strong support zone from $31000 to $28800, the price action of Bitcoin broke out the resistance of the falling wedge pattern. Now there can be two major resistance levels. One is at $36000 another one is at $39500. The price action has been rejected several times previously from these resistance levels. However, the technical target of the falling wedge is $41000. Therefore, if the price action hits this target then definitely it will also break out these both resistance levels and enter the bullish territory.

Volume and DMI:
Now if we take a look at the volume then we have continuity in the buying volume and the volume oscillator is showing the value of buying volume is 10, which is quite well. At the same time, the directional movement index (DMI) is also likely to give a buying signal.

Weekly EMA 21:
For a long time period, the price action of the leading cryptocurrency is moving below the weekly 21 exponential moving average . Therefore, it is very important for the price action to move above this exponential moving average, and once the price mind will hit the target of the falling wedge , that it $41000 then it can also move above the 21 exponential moving average on the weekly time frame chart as well, which will increase the confidence of traders.

 

Don't forget to upvote/tip and share the post, thanks

 

You can also support my work at Patreon for more ideas:

https://www.patreon.com/moon333

 

In order to play and watch the current performance of the chart you need at least a free account on tradingview:

https://www.tradingview.com/gopro/?share_your_love=moon333

KuCoin is one of the best exchange to find crypto gems:

https://www.kucoin.com/ucenter/signup?rcode=rJSDVT3

 

Link for Binance exchange, to trade crypto:

https://www.binance.com/?ref=11256882 

 

 

Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.

Comments

Post a Comment

Popular posts from this blog

Its Not Hard For Litecoin (LTC) To Breakout $200 Resistance

Image
    Hi friends, hope you are well and welcome to the new update on Litecoin. The price action has bounced from the trend-line support: In previous article we have seen that the litecoin was moving down to the support of an up-trend line and this trend line is formed since 20 Oct 2020. And we were expecting a bounce from this trendline after this pullback. Now finally the price action has taken another bullish divergence after reaching at this support.   After getting bounced from the trend line support: Click here to visit this old article on tradingview:   Another successful harmonic move: In the meanwhile, I also shared another chart with you on 9 Dec, where I told you that the price acton of LTC is completing BAT pattern on small time period 4-hour chart. Now the priceline also has taken bullish divergence from the potential reversal zone of this pattern.   Ater bullish divergence from PRZ level: Click here to visit this old article on tradin...
Read more

Vechain (VET) | This Dump Will Lead To A Big Pump

Image
  Hey, friends hope you are well and welcome the new update on the Vechain coin. In this video you will watch how:  On a long term weekly chart the priceline is retraced between 0.50 to 0.618 Fibonacci retracement. Before this correction, the price action of VET broke out the Ichimoku cloud with powerful bullish rally. Now it is retesting the 25 SMA as well. Click here to create an account on Binance, the best place to buy or sell Vechain coin   On the daily time period chart, the priceline is moving in a falling wedge pattern Vechain. Recently price action is rejected by the resistance of wedge and moving down. The volume profile is showing the weak interest of traders at the support of the wedge pattern. The moon phases indicator is also showing a new full moon above the resistance. Therefore there are chances of a breakout after a correction.   On the daily chart, the EMA 10 and 20 are in the bear cross. The stochastic and macd are weak bullish. When all three ind...
Read more

Tron (TRX) Can Turn Your Thousand$ To Million$ Here Is Why | TRX Analysis 2020-2021

Image
Hi friends hope you are well and welcome to the new update on Tron. After the drastic drop from Feb to March 2020 the TRX has started the recovery rally like all other top coins. On daily chart the priceline has formed an up channel for the upward movement and recently on 10th and 11th May we have witnessed strong bearish candlesticks. And at that time the TRX was likely to break down the channel support. But now the candlesticks are moving side with the support and weak bullish candlesticks are appeared signaling that the bears are losing control.   The exponential moving averages: After the death cross between EMA 10 and exponential moving average 21 on 25th of February the price action was facing a strong bearish trend. Finally on 7th April the EMA 10 crossed up the EMA 21 and formed the golden cross. Since then the price action is using the exponential moving average 10 and EMA21 as strong support. We can see from 10th to 22nd of April the candlesticks had been moving sideways ...
Read more