Today I want to share a very simple way of evaluating BTC's price action.
Firstly I would like to outline a key level in which the weekly needs to close above for me to become more bullish in the midterm trend.
- A weekly close anywhere above $8600 will reinforce strong bullish momentum, as this will not only be closing above the previous weekly candle but also it will mean that the downsloping resistance trendline BTC has been under since July 2019 is broken.
- For the MACD to have a bullish cross on the weekly (at the current price it is very likely to occur).
- The daily needs to have a strong close above the 200MA, as this is key if the price is to continue upwards out of the longterm consolidation range. If BTC is rejected in this region, then I will not be immediately bullish but will look for a pullback to around 8600-8800.
- Also, I would like to see a daily golden cross, this being the green 55EMA crossing over the purple 200EMA. I will position myself mid-long term bullish when this occurs.
Please do not overlook this next point:
- Bitcoin is yet to create higher highs, and this is the only true signal we can use to determine if BTC is 100% out of this longterm consolidation range.
To measure this Bitcoin needs to not only break the $9600 region but also close daily candles above it. (I also want to see 2D and 3D candles closing above $9600 too) When this happens, you can then hopefully expect to see higher lows being created and this will be your confirmation of further bullish action in the long term trend, likely correlating with the upcoming halving in May.
Firstly I would like to outline a key level in which the weekly needs to close above for me to become more bullish in the midterm trend.
- For the MACD to have a bullish cross on the weekly (at the current price it is very likely to occur).
- The daily needs to have a strong close above the 200MA, as this is key if the price is to continue upwards out of the longterm consolidation range. If BTC is rejected in this region, then I will not be immediately bullish but will look for a pullback to around 8600-8800.
- Also, I would like to see a daily golden cross, this being the green 55EMA crossing over the purple 200EMA. I will position myself mid-long term bullish when this occurs.
Please do not overlook this next point:
- Bitcoin is yet to create higher highs, and this is the only true signal we can use to determine if BTC is 100% out of this longterm consolidation range.
To measure this Bitcoin needs to not only break the $9600 region but also close daily candles above it. (I also want to see 2D and 3D candles closing above $9600 too) When this happens, you can then hopefully expect to see higher lows being created and this will be your confirmation of further bullish action in the long term trend, likely correlating with the upcoming halving in May.
