Bitcoin Technical Analysis
- Bullish SHS pattern variant
- Rounded bottom
- Quarterly and Monthly support
- First TP 18000-18800
MEGATREND MAs: Neutral
D1 Chart Bitcoin
- Bullish double bottom
- Bullish SHS variant
- Entry zone
- Target
The Bitcoin is in retracement mode. Crypto winter is not over yet but we see signs of zone protection and consolidation. I am bullish on BTC/USD.
Citing the source “the global cryptocurrency market cap was trading mildly higher around $866 billion, gaining as much as 2% in the last 24 hours. The total trading volume jumped about 9% to $33.10 billion.”
This is bullish in all aspects as we can also confirm with TA. 1600-16500 is the zone where we can see the bounce and a signal for a possible retracement. MEGATREND MAs are slowly turning bullish and if the price makes a close above 17000 this week we should have a move to the upside, possibly to the TP zone. Q L3 stands in the way 17467 zone but we might see a volatility kick and stop grab above this level.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system and a trading course.
Cheers and safe trading,
Nenad
Summary of October trading results is HERE (click to see)
Cheers and safe trading,
Nenad
