We see 16% move from the last bottom and a lot of people are excited about this move and they say it was the bottom and the rally just started.
this is my view; a close above $44.4k and then holding the $39.5 k level is the confirmation for trend reversal. Only if this happens, I will start trading with full size. Till then, only scalping.
To explain the chart more, we have a set of Swing Highs (SH) and Swing Lows (SL) on the chart. Those are important price levels; they are turning points. The first thing we should expect to see is forming a new SL that is higher than the previous SL (the yellow one).
After that, we should expect to see a new SH which is higher than the previous SH at the $44.4k level. this way the market structure would change from bearish to bullish at least for the short-term.
this is my view; a close above $44.4k and then holding the $39.5 k level is the confirmation for trend reversal. Only if this happens, I will start trading with full size. Till then, only scalping.
To explain the chart more, we have a set of Swing Highs (SH) and Swing Lows (SL) on the chart. Those are important price levels; they are turning points. The first thing we should expect to see is forming a new SL that is higher than the previous SL (the yellow one).
After that, we should expect to see a new SH which is higher than the previous SH at the $44.4k level. this way the market structure would change from bearish to bullish at least for the short-term.
Mr. CryptoTracker