Hi,
I believe anyone who has spend 6 months in the crypto market can say BTC is a contrarian asset, anyways I have sought out a short term bullish scenario if it helps.
1. IF and ONLY if we manage to close above 21 EMA on the daily and with it the weekly close also happens by Sunday, I believe we could see a short term relief rally.
2. Do not be fooled if this move reaches $8500 level. Why? Longs are largely leveraged right now. Guide yourself to Bitfinex's long and short chart.
3. Currently we are in a NO trade zone. Watch MacD closely.
4. Breaking into red box can generate a short opportunity AND closing above 21 EMA can open a long opportunity.
5. THE MOST IMPORTANT POINT OF ALL IS THAT IT SEEMS LIKE FUTURES MARKET FOR BTC IS CURRENTLY THE CONTROLLING FACTOR SO WITH THE WEEKEND APPROACHING WE MAY HAVE A CHANCE IN THE SPOT MARKET ONCE THE SELLING PRESSURE IS TAKEN OFF.
Trade SAFE!
**** THIS IS ONLY FOR EDUCATIONAL PURPOSES ****
I believe anyone who has spend 6 months in the crypto market can say BTC is a contrarian asset, anyways I have sought out a short term bullish scenario if it helps.
1. IF and ONLY if we manage to close above 21 EMA on the daily and with it the weekly close also happens by Sunday, I believe we could see a short term relief rally.
2. Do not be fooled if this move reaches $8500 level. Why? Longs are largely leveraged right now. Guide yourself to Bitfinex's long and short chart.
3. Currently we are in a NO trade zone. Watch MacD closely.
4. Breaking into red box can generate a short opportunity AND closing above 21 EMA can open a long opportunity.
5. THE MOST IMPORTANT POINT OF ALL IS THAT IT SEEMS LIKE FUTURES MARKET FOR BTC IS CURRENTLY THE CONTROLLING FACTOR SO WITH THE WEEKEND APPROACHING WE MAY HAVE A CHANCE IN THE SPOT MARKET ONCE THE SELLING PRESSURE IS TAKEN OFF.
Trade SAFE!
**** THIS IS ONLY FOR EDUCATIONAL PURPOSES ****