MACD is bullish, Price : A failure of descending triangle?
Hello fellas, Let's do an analysis again on bitcoin! Using the bitfinex chart and the RSI, MACD and price pattern. what is the psychological think about it? Let's kick in the ass.
Just like what you've seen on the chart, I want to give a bold highlight on the 2 important aspects. They are the descending triangle and the MACD. Currently the Descending triangle is still in play very well since I gave you the update few days ago. The descending triangle usually ends up very bearish. But, could it be a failure? 100% Yes is the answer of this question. If you look at my previous psychological explanation about this specific descending triangle, you will understand that the triangle is to represent the consolidation stage which become the war between the bulls and the bears. If the bear wins, there will be a downside movement, but if the bulls wins, the price will have a spike to the upside and it will invalidate the bearish bias. The failure can be seen if the price breaks the resistance trend line to the upside.
For the MACD view, we have seen a good combination on the daily chart which the histogram shift to the positive side and we clearly see a golden crossover on its moving average. However, the price hasn't broken the resistance trend line which is becoming one of our criteria to enter the long position. we have to watch it very close and give a huge attention to the bitcoin right now. once it breaks up of current resistance trend line, I will make the fibonacci levels as the take profit region. white zone is the major resistance for bitcoin right now which has a confluence with the previous descending triangle horizontal support. It will be a perfect combination to see the price touch those region and gets rejected as our preference to enter big short around those levels.
Just like what you've seen on the chart, I want to give a bold highlight on the 2 important aspects. They are the descending triangle and the MACD. Currently the Descending triangle is still in play very well since I gave you the update few days ago. The descending triangle usually ends up very bearish. But, could it be a failure? 100% Yes is the answer of this question. If you look at my previous psychological explanation about this specific descending triangle, you will understand that the triangle is to represent the consolidation stage which become the war between the bulls and the bears. If the bear wins, there will be a downside movement, but if the bulls wins, the price will have a spike to the upside and it will invalidate the bearish bias. The failure can be seen if the price breaks the resistance trend line to the upside.
For the MACD view, we have seen a good combination on the daily chart which the histogram shift to the positive side and we clearly see a golden crossover on its moving average. However, the price hasn't broken the resistance trend line which is becoming one of our criteria to enter the long position. we have to watch it very close and give a huge attention to the bitcoin right now. once it breaks up of current resistance trend line, I will make the fibonacci levels as the take profit region. white zone is the major resistance for bitcoin right now which has a confluence with the previous descending triangle horizontal support. It will be a perfect combination to see the price touch those region and gets rejected as our preference to enter big short around those levels.
