Daily Report – Bitcoin and Market Update (May 27 2020)
Middaily closed as a bullish engulfing candle after downtrend and finding support in the golden pocket area between 62% and 79% of retracement. Momentum turned bullish with histogram bullish alignment. Strong local uptrend has been generated. Diagonal support of the triangle up trendline was moved down to discount new support, which is more up-to-date and relevant from now on. Closed through key mid-range level of 50% retracement 9092, which flipped local bias slightly more to the bullish side and 9900 on table (diagonal resistance of the triangle). Middaily gets confirmed bullish if we close above MA50 9250. Until then MA50 works as a resistance, despite bullish promising momentum. If 8.65k support is lost, next support is MA100 7350 and 7930 MA200.
Hourly closed a very bullish breaker candle above key local resistance of 8911 that now flipped to support. Currently resisting to break above MA200. If this one flips into support after breaking through 9200, it should be little resistance all the way up to 9800s. Momentum locally overbought, so longs are kind of late already if playing intraday. I would let it cool off a bit towards 9000 and enter either on retest of 9000 or breakout retest of MA200 around 9200 with more confirmation in the background. The local bottom pattern was clearly marked as double bottom with target at 9350. We’re still inside MTF symmetrical triangle, so technically safest for MTF traders to wait for the breakout retest on the upside of breakdown retest on the downside. Don’t fight the trend and remember to check #video-report channel for more exclusive content.
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