Waiting for clearer signal.

BITSTAMP:BTCEUR   Bitcoin / Euro
248 0
Time Frame: 4H

We are currently trying to go above the purple resistance line on the chart. At the moment, the lack of strength to penetrate through the resistance could indicate weak demand for BTC . Other than that, we also have possible double top taking scenario, where the price could drop to around 5200 euro area. I marked two green exclamation marks where I think the price will bounce off. This only means a retest of support and does not ensure a bullish scenario. In this situation, we should wait for the price to close above the purple resistance line and see if we have enough support to hold that level. A heavy drop could fall upon if the price cannot close above the resistance line within a couple of hours. On the MACD , we can see that we have already crossed to the upper side, but it could easily turn downwards also. The momentum is not strong enough yet. RSI left the oversold area around one day ago, and lies currently around 40. This means that a lower price or a higher price could be reached (neutral). If the price would reach the 200 EMA then a retest to the dotted red line would probably happen. A bullish scenario would take place afterwards. We also have a bear flag which points towards negative.

Overall conclusion, wait for clearer signal to get in a position.

Note: Regarding altcoins, I do not trade altcoins at the moment due to uncertainties around this market. Positive news may bring the market up for a certain period of time, but the negative news drops all the gains faster than a person can react.
Comment: On smaller time frame (30 min), we can spot a bearish divergence. This has lower weigh because of time frame.
Comment: Currently the price is below the black line that I drew (part of bear flag, the downside). This could indicate that the price is starting to breakdown to the downside.
The bulls are currently trying to pierce through the upper line of bear channel. A penetration through could result in a higher price, only if 4h closes above the channel.
Comment: We have a shooting star which indicates potential reversal (bear continuation). Next candle should give us more information.
Comment: We closed above the bear trendline without the log. I have drawn a scenario for short bullish if this line holds.
Comment: A close below the line again in 3 and half hour indicates that this was a false breakout. Good luck
We are breaking out of the 30 min flag and on 4H, it looks positive also. Next target would be around 8450 EUR before pullback.
Seems like it was a bull trap. In 1 hour, if it closes below the line then yes... prepare yourself
Comment: This does not look good in other words*
Comment: Daily closed below 200 EMA, negative signs everywhere in a unstable market.
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