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
All time Hive and hodl. Това ми хареса.
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