tcormier321

Watch price to break 15.5 to go long

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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My last post on BTC was bearish , and it isn't showing a lot of strength, but there's some good indicators to go long if it breaks 15.5. MACD and RSI are showing bullish signs, and a new resistance trend line appears. BTC has also broken the long term bear trend line from the previous high.

Why I would be cautious about confirming is it is dancing along the new resistance level , while struggling to break the resistance at the 0.382 fib extension. It has tried twice, and failed to break out both times.

Watch for breaking either up or down, as it faces resistance at 15k and is close to breaking back below the past long term trend line . A long position can be opened at 15.5k, as that would signal good breaking of the resistance level and continuation of this new support.
How can you indicate that macd and rsi are showing bullish signs? Yes They are heading upward but you cant decide whether bull or bear by looking on 1h chart. You have to use at least 4H in order to get a decision, nevertheless you have to figure our some divergences which are more realistic figures
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tcormier321 emregungor85
@emregungor85, they are converging - macd, RSI, and price was showing higher lows. This was on a 2H chart, not a 4H or 1H. Choosing to trade on the 4H chart you would still see the same convergence, just on a longer time-line.

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