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2020/05/30-2020/06/01 (Sat-Monday)
#Technical Analysis of BTC(D)
5/30-6/1 Bitcoin(BTC) established the congestion area between $9400-9600 and the resistance at the $9,600 level is strong.
The average volume of BTC (D) is decreasing over time and BTC price is at the end of symmetrical triangle, that means breakout will happen at any time (higher probability is bullish).
In addition, MACD indicator indicate that the column below the zero axis has begun to converge and will become positive quickly. The fast and slow lines will form the golden fork above the zero axis, that means bullish. Moreover, the KD indicator reveal that bulls dominate the market in the shot term (KD>70). If bulls can maintain KD>70 more than 3 days, there will be a strong short-squeeze (bullish).
On the other hand, there were something interesting when I analyzed the historical data of bullish: Case 1(2019/05/25) and Case 2 (2019/06/15). The pattern of Case 1&Case 2 is similar to current pattern including volume, pattern of K candle, MACD indicator, and KD indicator (look at the picture below). When it comes to Long/Short ratio (RSL), I find that most retail investors are going short, long/short ratio is 0.81 that means the fuel of short squeeze is still enough.
To sum up, there will be higher opportunity to performance short-squeeze in the short term (bullish) and the pattern target of the breakup from the triangle is $11600-11800 (See 2020/5/29 Technical Analysis of BTC-wave theory).
LSR (1D)
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2020/05/29 (Friday)
#Technical Analysis of BTC(1D)-wave theory
5/28 The bulls push BTC price back to the ascending channel temporarily. When the price rise to $9620, the decreasing volume attracted profit booking from the short-term traders.
Currently, there are two probability for the corrective target of wave 4, $8150-8200(0.618) or $7200-7280(0.382).
If bulls able to keep the price above $8150-8200(0.618) or $7200-7280(0.382), the target of wave 5 is $11600-11800.After completing the wave 5, BTC pair will go into corrective wave A,B,and C.
MACD indicator indicate that the column below the zero axis has begun to converge, the fast and slow lines will form the golden fork above the zero axis, and the KD indicator near to 50.
The key point that bulls challenge $10000 is still the price/volume, volume should be replenished.
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