BTC is at 7710 resistance again. So be active and keep looking for a breakout above this level. If a candle successfully open and close above this resistance then most of the traders will assume that the retracement is over and BTC is going to make another wave up.
Also 4 hr MACD looks good and ready for a positive cross.
However keep in mind that this bounce is from Fib level 0.382 and may not be strong enough to break above 7710. Also BTC is currently below 55 EMA which is also going to be a challenge. and volume is dying as well. (I hate to say that)
Look for rejection candles ( Long wicks poking in the resistance but candles closing below the resistance )
Stay tuned for updates.
Happy Hunting
Note:- This is not a financial advise
Also 4 hr MACD looks good and ready for a positive cross.
However keep in mind that this bounce is from Fib level 0.382 and may not be strong enough to break above 7710. Also BTC is currently below 55 EMA which is also going to be a challenge. and volume is dying as well. (I hate to say that)
Look for rejection candles ( Long wicks poking in the resistance but candles closing below the resistance )
Stay tuned for updates.
Happy Hunting
Note:- This is not a financial advise
Trade active:
BTC dropped down to second support line. We won't assume a reversal until and unless we see clear reversal sign. There are reversal signs on small time frames but that's not enough. Our medium term view remains bearish (But long term view is still bullish)
In my personal opinion it may go down to 6.8k range (fib level 0.618) before an actual bounce.
For long term you can spread your buy orders around the green zone.
To get a good look at bigger picture see my new analysis.
In my personal opinion it may go down to 6.8k range (fib level 0.618) before an actual bounce.
For long term you can spread your buy orders around the green zone.
To get a good look at bigger picture see my new analysis.