As you can see the price broke the resistance trendline and i think its on its way to retest the broken trendline. i will be waiting for the retest and the go for a long.
my needed confirmations are an engulfing bullish candlestick on the 4hr chart.
The RSI is at lows as is the price. There appears to be resistance at these levels as reflected by the orange support line. This could represent a buying area with a stop just below the previous low around 11100. This area is also represented by the blue 55 day moving average.
However some warning signs are apparent. The RSI is low, but also bearish below 50, ...
The Bitcoin (BTCUSD) has had a major retracement after setting new record highs. The RSI signal is now giving early warning to buying opportunities, however there are still reasons to wait. Firstly, the price has found resistance at the 23% Fibonacci area and secondly the RSI has not fallen all the way to the lower, oversold levels. Once RSI touches the area ...
In the 4 Hourly graph we can see price action meeting resistance around the $5800 mark. This is shown by the blue box market ‘resistance area’. There has been strong buying action at $5400 market as ‘Potential support No.1’. If enough buyers accumulate then it should push the price past $5800. In this regard if the price pushes strongly past $5800 then the up ...
The overall daily trend is still in a major upward movement. Indicated by higher highs and the 200 day Moving average. The RSI is oversold, indicating some weakness in the price. Some profits can be booked now or held onto, though new long positions or buying activity can be put on hold until some retracement occurs. When the RSI is lower or if there is a good ...
