Bitcoin update | Continuation higher!

in #bitcoin7 years ago (edited)

Today we have seen BTCUSD make back 40% of what was lost during last week.


btc_daily.png

New Fed Chairman Powell

Dollar weakness all over the board today and this has contributed to BTC gaining more than $1000 over the greenback.
This USD weakness comes in anticipation of the new Fed Chairman Jerome Powell's first speech (testimony) before Congress tomorrow. He will also answer question from the Senate Banking Commity on thursday. Both of these events together with inflation numbers this week can mean that we will get some serious movements in all instruments measured against USD.

Trendline break

Earlier today there was a great opportunity to buy BTC on the break of last week's down trendline:
1h_btc.png

A possible entry at $9662 for a gain of over $700 so far.


I am looking for a daily close above resistance level $10,300 for a confirmation of a move higher. And if we can get a daily close above $11,800 we will officially be in an uptrend again.

USD calendar

  • Fed Chair Powell Testifies at 8.30 EST on Tue, Feb 27th
  • Prelim GDP at 8.30 EST on Wed, Feb 28th
  • Fed Chair Powell Testifies at 10 EST on Thu, Mar 1st

Happy trading!


This is not financial advise, everybody is responsible for their own trading. I am just sharing my own analysis of the markets.

Sort:  

Bears are still in control. I predict its going a bit lower in the coming weeks.

Yes, it needs to break through the $11,800 level to be in an uptrend.

I like simple charts with simple explanations.

That´s the same way, as I do my research in stocks and so on.

Would love to see you checking out my other trading posts.

Good trades and have fun! :-)

Thanks!
Yeah, simplicity is the name of the game imo. Most traders that last longer than a few years learn that the basics is where it's at. Indicators and lagging tools do not say much about future price action.

Price action! That´s the keyword.
All indicators do come AFTER the price action.

Congratulations @mariuse! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published
Award for the number of upvotes received

Click on any badge to view your own Board of Honor on SteemitBoard.

To support your work, I also upvoted your post!
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

Upvote this notification to help all Steemit users. Learn why here!

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by mariuse from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.