Looking at the current TA based on my previous S&R levels (see linked long term idea) we are out of the downtrend that started back in mid December. Main signs:
- Broken downtrend (red line) on the log scale chart.
- RSI above 60 for the first time since the downtrend started.
- Broken into cloud for the first time since downtrend started.
- Above the 50 & 100 EMA. Broken into the 200 EMA. If we close above this then this will start to act as support. I Have always said that bear market starts and ends when price moves below and above the 200.
- Increasing buy volume and higher buy volumes than sell.
Looking forward
- Flat topped cloud indicates that BTC may start to move sideways.
- If we push through the red resistance zone, thick dotted resistance level & psychological 10K levels then price will surge higher. Look for the two higher resistance zones for initial targets.
- Looking for a golden cross (50 EMA / 100 EMA cross) if price momentum continues. Will be a further bull sign.
Position:
- I am adding BTC positions gradually on dips as we rise whilst adjusting stop loss. Current Stop Loss at 8185 thick dotted support level. STOP LOSSES ARE CRITICAL since this market could reverse again.
"Luck is what happens when preparation meets opportunity"
This is not investment advice.
If you found this helpful or disagree with any of it please comment below. Also please follow me if you want to see future analysis on Crypto pairs.
- Broken downtrend (red line) on the log scale chart.
- RSI above 60 for the first time since the downtrend started.
- Broken into cloud for the first time since downtrend started.
- Above the 50 & 100 EMA. Broken into the 200 EMA. If we close above this then this will start to act as support. I Have always said that bear market starts and ends when price moves below and above the 200.
- Increasing buy volume and higher buy volumes than sell.
Looking forward
- Flat topped cloud indicates that BTC may start to move sideways.
- If we push through the red resistance zone, thick dotted resistance level & psychological 10K levels then price will surge higher. Look for the two higher resistance zones for initial targets.
- Looking for a golden cross (50 EMA / 100 EMA cross) if price momentum continues. Will be a further bull sign.
Position:
- I am adding BTC positions gradually on dips as we rise whilst adjusting stop loss. Current Stop Loss at 8185 thick dotted support level. STOP LOSSES ARE CRITICAL since this market could reverse again.
"Luck is what happens when preparation meets opportunity"
This is not investment advice.
If you found this helpful or disagree with any of it please comment below. Also please follow me if you want to see future analysis on Crypto pairs.
Comment:
Here is the my longterm BTCUSD analysis:
