Daily Report – Bitcoin and Market Update (June 17 2020)
Middaily trading inside the good old range while being back above MA100, MA50, which is supported by local bullishness on momentum. Price Action also trapped inside a falling wedge type of structure. As per any chart pattern, it’s always safest to trade outside the pattern in the direction it unfolds to show. Otherwise, there are high chances one just counter trades the whale move and hence loses money. If MA100 is lost and candle closed below it most likely initiates a local sell signal yet I would personally not take any shorts in here as long as it’s trading above all Mas. Wedge target is 10700 for the upside breakout. Invalidation of wedge and closing below wedge diagonal support may activate further selloff towards low 8000s.
Hourly trading inside a potential pennant pattern with contracting consolidation while retesting MA200 descending resistance. Pennant breakout might lead to 500-600$ move leading to breakout above the higher timeframe falling wedge structure. Again, as long as btc is trading above MA50&100 averages there’s no clean short signal and I would simply wait out and let the pennant unfold so that you don’t end up counter trading the new trend thrust. Local resistance from wedge is 9700. Local support is highly concentrated around 9400 which once lost might lead to further selloff as described with local targets of 9100-9200.
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