Hello fellas, here I give you another detail analysis about bitcoin based on daily time frame which is very important. So, let's get it started.
Bitcoin has shown us a very decent amount of gain in the last 2 days of trading. The price is now touching the crucial area if we zoom out to the daily time frame. This area however is a heavy resistance for bitcoin, it has the confluence of the upper line of the channel and simply the red dynamic line which is the 200 MA on daily. But, there are things that still becoming my concern which is based on the historical performance, when the price tested the upper line of the channel, it always ended up with a wick that I consider this as a bull trap. That's why, I will look the price to breaks out of the white region which is the previous broken support that is now become resistance as well to enter my long position and targeting the $10000 region for mid term set up.
The MACD is now ticking up to the upside and try to claim back the positive are of the histogram. The RSI has not shown any sign of divergence as a reversal pattern yet.
I will expect a high volatility later in this condition. I will wait patiently until the price breaks out of the white resistance zone to enter a huge long position.
Bitcoin has shown us a very decent amount of gain in the last 2 days of trading. The price is now touching the crucial area if we zoom out to the daily time frame. This area however is a heavy resistance for bitcoin, it has the confluence of the upper line of the channel and simply the red dynamic line which is the 200 MA on daily. But, there are things that still becoming my concern which is based on the historical performance, when the price tested the upper line of the channel, it always ended up with a wick that I consider this as a bull trap. That's why, I will look the price to breaks out of the white region which is the previous broken support that is now become resistance as well to enter my long position and targeting the $10000 region for mid term set up.
The MACD is now ticking up to the upside and try to claim back the positive are of the histogram. The RSI has not shown any sign of divergence as a reversal pattern yet.
I will expect a high volatility later in this condition. I will wait patiently until the price breaks out of the white resistance zone to enter a huge long position.
