If somebody tells you to draw crypto charts with simple single lines and not areas of support and resistance, he is totally clueless. People that just moved here from stocks have no skin in the game. Cryptos are volatile and especially if you don't create your own indexes across exchanges, it is very hard to have a good picture just from one exchange.
Also remember, trading is simple, not easy. A few tools, good money management and patience, can lead you to success. Not 100 indicators and scenarios. Focus on what really matters.
Don't get caught up by people that talk too much and create many flashy lines, without even knowing the fundamentals of crypto. There are many that will misinform you on purpose, or they might simply think they know stuff, while they know nothing.
Now on what really matters here. Higher highs and higher lows, across all timeframes. All my major moving averages both on 1D and 4H are bullish. However we had a perfection sell setup on the 9 countdown indicator. It was combined very well near resistance area of 4350-4700$. In this area there is some resistance and you need to be careful. Breaking above 4350$ is the first step, above 4500$ the second and finaly 4700$. Above it there is almost none except the 4975$ ATH. All that is good, as long as 4200 holds. If that level breaks, 4000-4050 is next and then 3850-3900$, where we will probably have the final dump before attempting to break 5k.
Now about momentum. The RSI was oversold and shows some divergence near that condition, which is a bearish sign. If it breaks its 50EMA we could be going lower, faster. As long as it stays above, it can be oversold for days if not weeks.
Finally, there rest of the crypto's are showing weakness against btc. This could be the fuel for the next run, like what happened when we went from 3k to 4.5k. This is just food for thought though, as this has happened a few times in the past. However, due to the recent situation where most cryptos rally together, Bitcoin could be dragged down with the rest.
Be careful and good luck trading :)
Also remember, trading is simple, not easy. A few tools, good money management and patience, can lead you to success. Not 100 indicators and scenarios. Focus on what really matters.
Don't get caught up by people that talk too much and create many flashy lines, without even knowing the fundamentals of crypto. There are many that will misinform you on purpose, or they might simply think they know stuff, while they know nothing.
Now on what really matters here. Higher highs and higher lows, across all timeframes. All my major moving averages both on 1D and 4H are bullish. However we had a perfection sell setup on the 9 countdown indicator. It was combined very well near resistance area of 4350-4700$. In this area there is some resistance and you need to be careful. Breaking above 4350$ is the first step, above 4500$ the second and finaly 4700$. Above it there is almost none except the 4975$ ATH. All that is good, as long as 4200 holds. If that level breaks, 4000-4050 is next and then 3850-3900$, where we will probably have the final dump before attempting to break 5k.
Now about momentum. The RSI was oversold and shows some divergence near that condition, which is a bearish sign. If it breaks its 50EMA we could be going lower, faster. As long as it stays above, it can be oversold for days if not weeks.
Finally, there rest of the crypto's are showing weakness against btc. This could be the fuel for the next run, like what happened when we went from 3k to 4.5k. This is just food for thought though, as this has happened a few times in the past. However, due to the recent situation where most cryptos rally together, Bitcoin could be dragged down with the rest.
Be careful and good luck trading :)