For the first time since the $51,000 range, the EMA ribbon on the 1hr chart has flipped bullish. With the RSI also holding the 20 ma, the idea of a long could be entertained. I am personally waiting for the price to break the 4hr EMA ribbon and close above before I enter a long position, shown here
I would also like to see the RSI continue to hold the 20 MA on the 4hr
I will add to that long position if the 4hr EMA ribbon flips bullish, but exit if the resistance is too strong. When the resistance is too strong and the ribbon can't flip, things can get ugly fast so always have a stop loss
The last time the 4hr EMA ribbon flipped bullish and created separation, we saw a new all time high
Back on the 1hr chart we saw impressive buying pressure as BTC tested 40k, showing the new line in the sand for the bulls.
Another good indicator for a long is the bullish divergence across timeframes
I would also watch how the total crypto market cap interacts with $2 Trillon and other daily support
If you are in a long right now, I would exit if 4hr candles start closing below the EMA ribbon