What's Up Bitcoin? $10.4K or $8.6K? Where Is My Stop-Loss?
Bitcoin (BTCUSD) woke up bullish Wednesday and prices are starting to move up, this opens us up for a few questions like...
- But, what happens next with Bitcoin?
- We continue expecting a drop or we will now go bullish?
- Where is my stop-loss?1) We are still looking at a lower high based on the candles wick but we have a higher high based on candle close... This is a bullish signal when you look at the candle close.
While a higher high is visible on the 4H timeframe, the MACD had a lower high on all fronts, marking bearish divergence and signaling that this wave is almost over.
We rode this wave from ~$6250 all the way to ~$9200, that is why are wary of an upcoming drop, it is normal after strong growth.
We have BTCUSD trading still below the last peak at $9485.
If this level is taken out, we can see Bitcoin jump and hit up to ~$10,400+.
If prices CAN'T move above $9485, we remain open to see prices easily dropping anytime.
2) If prices break below EMA10, we expect a drop to EMA50 or $8675. If EMA50 is tested again we are likely to go lower and hit $8234.
3) We are active with a trade for XBTUSD and this is a short. We are using a manual stop-loss on a daily close above $9500... This is not financial advice.
Thanks a lot for your amazing and continued support.
This is Alan Masters.
Namaste.
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