Bitcoin on the cusp of bullish reversal, not quite there yet.
We've had an hourly bullish cross of the 20 over the 200 moving average.
However, we've seen it do that before, and run into and be turned by the downward trendline.
We've run up against that trendline again now, albeit lower, and it now coincides with the 0.236 fib of the big move lower.
This for me is the level we have to get above to resume some kind of uptrend.
Forbitcoin to breka this level, I want to see these things, in which case I might get in too:
In the current pullback on the hourly chart,
For it to wick down no lower than the hourly 200 moving average, and close above the hourly 20, this would be very strong.
For it to wick below the hourly 200, and close below the hourly 20 but at least not close below the hourly 200, I would still expect it to maintain some upward momentum. Perhaps enough to break above 0.236 and then horizontal on top of it for a day or two, perhaps rolling up the red trendline that it's now finding resistance at, acting as 'top of the channel'.
An hourly bullish cross of the 50 over the 200 would be a clear signal that we've held , and that would be my sign to resume operating in bull-mode. For this to happen we would need to break resistance in either case.
However, we've seen it do that before, and run into and be turned by the downward trendline.
We've run up against that trendline again now, albeit lower, and it now coincides with the 0.236 fib of the big move lower.
This for me is the level we have to get above to resume some kind of uptrend.
Forbitcoin to breka this level, I want to see these things, in which case I might get in too:
In the current pullback on the hourly chart,
For it to wick down no lower than the hourly 200 moving average, and close above the hourly 20, this would be very strong.
For it to wick below the hourly 200, and close below the hourly 20 but at least not close below the hourly 200, I would still expect it to maintain some upward momentum. Perhaps enough to break above 0.236 and then horizontal on top of it for a day or two, perhaps rolling up the red trendline that it's now finding resistance at, acting as 'top of the channel'.
An hourly bullish cross of the 50 over the 200 would be a clear signal that we've held , and that would be my sign to resume operating in bull-mode. For this to happen we would need to break resistance in either case.
Comment:
Above 11750 i would get bullish too, but right now that's not looking to be the case.
Comment:
First wicks below hourly 200 are in.
