BTC Bullish outlook on the daily

I am Mid term-bullish on BTC going into the end of this week, but looking to get into the market on a pull back to occur before I get in to the market. The jury is still out as to whether this weekly bear trend is ready to turn around.

We can see that both the RSI and MFI are both Bullish on the daily having bottomed when reaching oversold on both at c. $7k support where we found our longer term trend line.

We are currently in the process of meeting the Tenkan (blue line) as I write this, so in the very short term, I am looking for a pull back to $7550 range for an entry. One of the main reasons for this is that on the 4hour timeframes we are close to completing an edge to edge trade so the risk reward doesn’t fit my profile, however a break out from the cloud or above the Tenkan around $7777 will make me enter the market.

The RSI and MFI have both been excellent indicators in this bear market. Whenever RSI has gone above the 60 and the MFI 80; its time to exit the market from a bullish trade and consider shorting as it progresses higher.

Based on the RSI, MFI trends and the fact that we will run into the Kijun at just around $8-8.2k, I will be scalling out at this bearish confluence level to start looking for pull backs and reassessment as i believe it to be a key point as

Best case scenario this trade would yield a 10% return before leverage.
This is for illustrative purposes only, please DYOR and goodluck with your trading.
filbfilb

Comment:

we do need to rememer that we are in a bear trend and this is entirely possible after a run up.

Trade active:

We entered the trade at $7555 right on the bottom of the pullback as planned. Let’s see how we go, I may well take profits on Saturday night and wait till Monday. Will keep you updated.