BTC/USD going up as the ascending trendline supports the move up
BTC/USD technical analysis
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Move up as expected.
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I am holding the long position.
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Bullish trend slow but steady.
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M H3 then M H5 on strong breakout
MEGATREND MAs: Bullish.
D1 Chart BTC/USD
1. Trend line start.
2. Swing high.
3. Higher low.
4. Higher high.
5. Higher low.
6. Breakout target.
The BTC/USD has become an asset. We can spot the strong correlation to US equities especially US100 and SNP500. The market is moving in slow but steady uptrend. You can see my position in the real account and I am of course holding it. When everyone were selling I was buying the BTC due to obvious reasons. The price is engaged in an ascending flat top triangle and the first target is around 25000.
Why do you need inflation? For equities to climb higher. Basically, when there is inflation it means goods and services are being priced higher. which means more revenue for companies. On the flip-side, it can mean more costs for companies. The positive correlation in the BTC/USD and Equity markets is evident and the market should move to the first target. If 25000 breaks we are on the way towards 31000 zone again.
Author
Nenad Kerkez
Top-XE
