Heiken Ashi chart on both 4h and 1-day chart validated a bull trend.
Looking at indicators across both time frame, Relative momentum still holds above 50 and Money Flow Index still maintains a positive slope overall.
_1st scenario is we slowly break 8600 and make it a support level (less likely since intraday charts has shown some overbought signals)
_2nd scenario is that we have a small retrace back to 8100 before bouncing back up again. (more likely)
There I recommend watching the next close on 4h candle on candlestick, if we see 2 consecutive 4h red candles and lower low on 30m and 1h chart, then it might be wise to watch 8000 - 8100 to buy back.
Else, any spike in buying volume now will signify a strong bull run, reaching the next test at 8900.
*The past G20 has put a relief on the bulls, the bull break yesterday confirmed this.
Just some opinion by your boy Kidze. Like if you want to receive more update on this idea.
Looking at indicators across both time frame, Relative momentum still holds above 50 and Money Flow Index still maintains a positive slope overall.
_1st scenario is we slowly break 8600 and make it a support level (less likely since intraday charts has shown some overbought signals)
_2nd scenario is that we have a small retrace back to 8100 before bouncing back up again. (more likely)
There I recommend watching the next close on 4h candle on candlestick, if we see 2 consecutive 4h red candles and lower low on 30m and 1h chart, then it might be wise to watch 8000 - 8100 to buy back.
Else, any spike in buying volume now will signify a strong bull run, reaching the next test at 8900.
*The past G20 has put a relief on the bulls, the bull break yesterday confirmed this.
Just some opinion by your boy Kidze. Like if you want to receive more update on this idea.
Comment:
We are closely approaching this strong 8600 resistance again, watch very closely guys.
Comment:
We have bounced again from the strong 8600 resistance which in turn has formed a double top. I would recommend going short now
Comment:
remember only take a fraction of your position, since the 1h candle did not close yet
Comment:
BTC has broken through our support, I will update as soon as I see strong signs of a bounce. If you went short an hour ago when I told, good for you.
Let's keep watching our next support line at 8100~8200
Let's keep watching our next support line at 8100~8200
Comment:
I just checked the 1h 2h and 4h chart before going to sleep. BTC just made a higher low:
RMI on all 3 timeframes still remain >50 and the money flow does not show strong downtrend yet, however, I still do not recommend entering now. I would wait for another retracement in order to break this 8600 line.
I will update as soon as I woke up next morning.
Just an opinion from your boy Kidze. Stay safe traders!
RMI on all 3 timeframes still remain >50 and the money flow does not show strong downtrend yet, however, I still do not recommend entering now. I would wait for another retracement in order to break this 8600 line.
I will update as soon as I woke up next morning.
Just an opinion from your boy Kidze. Stay safe traders!
if you are looking to enter now, wait for the next low in the 1h candlestick chart.