garyreza

Are we going to see a reversal soon? 12h-Part 5 (continuation)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Price broke through MA50, and base on the DMI and Stoch divergence we are going to get bullish on short term (hopefully). And MACD is trying to break the zero line. But right now we are at the previous support this is a strong one that we need to break, based on the indicators there is a good chance to see a bullish run (we are not bullish yet but seems like bulls are trying to change the direction at least on short term for now). And it was 4 weeks that we were below MA50 but now we are above it again. its unlikely that the MA50 fails to support the price (but there is a chance that price test it). Usually MA50 is a strong support/resistance , and we had a good break here, that's why it will probably hold the price (although its not confirmed unless the price tests it).
To conclude the obstacle right now is the previous support line (red line) that we need to break, after breaking it we will probably go to the upper bond of support area as mentioned in part-4 (~$6850), and after breaking that one we will probably see a bull run.



Remember that "The stock market is a device for transferring money from the impatient to the patient."
Best,
Garyreza (@Analytca)
Comment: Apparently we broke the previous resistance, the candle is not closed yet, and even after that we need to retest the previous resistance. But overall things are looking good for now
Comment: WOW!!! such a strong resistance, just hit the play bottom and check the candles. At the time I was writing the previous comment that green candle with such a long top shadow was waiting to get closed, and it didn't close above the resistance. SO the resistance is still valid, and remember "The stronger the resistance, the stronger support it will turn out to be in the future and more excitement after breaking it". SO wait for something great if we break this resistance.
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