Hello fellow traders! Today I have shown here a few indicators as well as the fib extension to decide some potentially great entry points.
In the indicators, since we are in full blown bull market mode, the RSI and MFI (volume weighted RSI), have came down enough (in my opinion) to recover strength for the next leg up. The bearish diversion gives an opportunity to pick up some BTC if it were to fall to 42k and confirm that level as support. So that is why I have the two scenarios here. Nonetheless, We could now be in wave 1 of the Elliot wave pattern given that the consolidation had a good ABC correction, now potentially ready to move higher.
The ADX and DI indicator shows bull momentum coming in the market, and we had a bullish cross form on Jan 29, the same time BTC broke out of the descending triangle. Proving this bearish sign to be null and void, instead a continuation pattern. Let me know what you guys think might happen! Happy trades and good luck! :)
In the indicators, since we are in full blown bull market mode, the RSI and MFI (volume weighted RSI), have came down enough (in my opinion) to recover strength for the next leg up. The bearish diversion gives an opportunity to pick up some BTC if it were to fall to 42k and confirm that level as support. So that is why I have the two scenarios here. Nonetheless, We could now be in wave 1 of the Elliot wave pattern given that the consolidation had a good ABC correction, now potentially ready to move higher.
The ADX and DI indicator shows bull momentum coming in the market, and we had a bullish cross form on Jan 29, the same time BTC broke out of the descending triangle. Proving this bearish sign to be null and void, instead a continuation pattern. Let me know what you guys think might happen! Happy trades and good luck! :)