So, as many find this as the beginning of the bullish trend , I would like to support this idea with my views on how can this play out and some cautions.
So we see the bullish cross on the weekly MACD , we still should not be overbullish as MACD is below the zero line.
Daily MACD is still bullish and 4H as well. By saying that 4H is bullish I mean that the price is holding or slightly decreasing for a short period of time or even increasing when 4H MACD is dropping. The same MIGHT happen with the Daily MACD . and if th COINBASE:BTCUSD is happens this will support my idea of the reaccumulation zone before a breakout, the real beginning of the trend.
Also stoch RSI , and other indicators support the idea of the beginning of the bullish trend .
HOWEVER, we should pay attention to things why we may still be cautious:
1) most people are getting super bullish , however, fear and greed index is not topping out any time soon
2) price can easily drop to 20k or below which might be retest of the support, but many may start to panic.
So, with all said i would like to say how it is possible for price to play out in the nearest future. As some people see how bullish momentums get or are about to get now, i believe we are not breaking 25k until next months. On a monthly scale we already have a solid green candle. So if we take the rest days of this month just fluctuating in the zone it should be a good sign. Next month could start bullish at once OR may retest the support zone around 20 ( mb slightly below) or around 21.2k e.g. This still would be in a bullish frame. but may fear some bulls.
In a nuthsell, i wait for a monthly candle to close first. It might close around current levels (22.8-23k) and would be good. Next months either start with a mega bullish momentum after a few daily bullish candles or with a sudden retest drop. Both are fine.
If you are not holding any bullish position i suggest u take one on a monthly close. You may want to add , at some retests, if they happen around 20-21k, or even below that at 18k spike drops. But once next monthly starts being green again, supported by weekly and daily green candles, this might be a safe zone for longs.
I would pay attention on the RSI breakout patterns, both MACD and RSI to confirm bullishness.
What are the price targets? Right now its definitely 25-26k. We may also pierce that fast and come to around 27-28k. But things may get more bullish so we never know where the local top may be. It may go even to 47-50k. BUt for now 30kish zone might be a local resistance and a juicy place for profits. But even when people close their long positions, this is the time when the price can get even more bullish , since u borrow dollars to buy bitcoins to close those perpetual contracts.
So we see the bullish cross on the weekly MACD , we still should not be overbullish as MACD is below the zero line.
Daily MACD is still bullish and 4H as well. By saying that 4H is bullish I mean that the price is holding or slightly decreasing for a short period of time or even increasing when 4H MACD is dropping. The same MIGHT happen with the Daily MACD . and if th COINBASE:BTCUSD is happens this will support my idea of the reaccumulation zone before a breakout, the real beginning of the trend.
Also stoch RSI , and other indicators support the idea of the beginning of the bullish trend .
HOWEVER, we should pay attention to things why we may still be cautious:
1) most people are getting super bullish , however, fear and greed index is not topping out any time soon
2) price can easily drop to 20k or below which might be retest of the support, but many may start to panic.
So, with all said i would like to say how it is possible for price to play out in the nearest future. As some people see how bullish momentums get or are about to get now, i believe we are not breaking 25k until next months. On a monthly scale we already have a solid green candle. So if we take the rest days of this month just fluctuating in the zone it should be a good sign. Next month could start bullish at once OR may retest the support zone around 20 ( mb slightly below) or around 21.2k e.g. This still would be in a bullish frame. but may fear some bulls.
In a nuthsell, i wait for a monthly candle to close first. It might close around current levels (22.8-23k) and would be good. Next months either start with a mega bullish momentum after a few daily bullish candles or with a sudden retest drop. Both are fine.
If you are not holding any bullish position i suggest u take one on a monthly close. You may want to add , at some retests, if they happen around 20-21k, or even below that at 18k spike drops. But once next monthly starts being green again, supported by weekly and daily green candles, this might be a safe zone for longs.
I would pay attention on the RSI breakout patterns, both MACD and RSI to confirm bullishness.
What are the price targets? Right now its definitely 25-26k. We may also pierce that fast and come to around 27-28k. But things may get more bullish so we never know where the local top may be. It may go even to 47-50k. BUt for now 30kish zone might be a local resistance and a juicy place for profits. But even when people close their long positions, this is the time when the price can get even more bullish , since u borrow dollars to buy bitcoins to close those perpetual contracts.
a