BTC/USD 4H - Jul. 23

٢٣ يوليو ٢٠٢٠

Suggested Entry: $9,500
Target 1: $9,800
Target 2: $10,100
Target 3: $10,400
Stop Loss: $9,140

Bitcoin has broken out from the apex of a consolidating bullish pennant pattern. While we have seen a breakout, there is strong resistance at 9.5k, as the trend's momentum weakens. However, a break and close above current resistance levels could validate further continuation patterns on the long term scale. We are seeing strong evidence of a further rally via price action that could potentially lead Bitcoin to higher ranges.

- Prices are currently trading above the 20 Simple Moving Average (SMA)
- The 20 SMA (sky blue) is about to form a golden cross with the 50 SMA (purple)
- Considering the fact that prices are trading above the 100 SMA and 200 SMA respectively, a golden cross of the moving averages could signal trend strength.

Trade safe.