Is BTC/USD bullish ? Current Daily Chart Overview
Hi there,
In my last analysis I commented that there weren't enough reasons to justify that Bitcoin was going to have a bearish scenario soon since the price action was still positive.
I wouldn't be looking for facts like inflated action of the SPX500 to justify Bitcoin is holding very well at 9k levels. For me price is everything, i know this can change very quickly to a bearish scenario if price drops. However, I do not have a crystal ball and i cant be talking about bearish scenario will happen until price movement suggest it.
Daily Timeframe
- Breakout of the triangle formation and testing MA50 in daily timeframe. Price should pullback in 9250 area to make another leg up and stay above MA50. If this happen, then we could have a good LONG entry for futures/margin traders and we could be looking for 10k+ price
- CCI next to enter in a green territory
- RSI higher lows + Breakout
- MACD crossing + STOCH RSI upward movement
- Volume is really TINY. I would like to see more volume in order to confirm upward movement.
Any false breakout and price rejected by MA50 could drive price below 9100$ being dangerous for Bitcoin. Be ready for any scenario if price turns!
Mike
In my last analysis I commented that there weren't enough reasons to justify that Bitcoin was going to have a bearish scenario soon since the price action was still positive.
I wouldn't be looking for facts like inflated action of the SPX500 to justify Bitcoin is holding very well at 9k levels. For me price is everything, i know this can change very quickly to a bearish scenario if price drops. However, I do not have a crystal ball and i cant be talking about bearish scenario will happen until price movement suggest it.
Daily Timeframe
- Breakout of the triangle formation and testing MA50 in daily timeframe. Price should pullback in 9250 area to make another leg up and stay above MA50. If this happen, then we could have a good LONG entry for futures/margin traders and we could be looking for 10k+ price
- CCI next to enter in a green territory
- RSI higher lows + Breakout
- MACD crossing + STOCH RSI upward movement
- Volume is really TINY. I would like to see more volume in order to confirm upward movement.
Any false breakout and price rejected by MA50 could drive price below 9100$ being dangerous for Bitcoin. Be ready for any scenario if price turns!
Mike
Trade active:
Bull move confirmed
Trade active:
More upside will come
Trade closed: target reached:
More upside after correction ends