The ORANGE LINE define our uptrend support.
If bitcoin closes ABOVE the orange lines, we still in bull run.
If Bitcoin closes BELOW the orange lines, we will have see the reversal, bearish scenario.
What we need for a healthy correction:
1 - MACD needs to go to a neutral zone (0);
2 - RSI needs to touch 40-50 level;
3 - Candle needs to to approach the EMA 50 (green line)
Possible scenarios to continue the uptrend (bull market):
1) Daily candle holding in the first orange line, putting the 20k breakout by the end of 2020 (Currently, I don't believe in this scenario)
2) Daily candle failing to hold on the first orange line, getting closer to major supports (second orange line), EMA 50 (green line) and U$15.800 level.
If btc closes BELOW second uptrend line (orange line) + U$15.800 , we turn to bear market again.
MY PERSONAL OPINION:
BTC will hold ABOVE the second orange line, continuing the climbing to U$20.000 (breakout by the end of january 2021).
MASSIVE buy orders will appear if BTC to go U$15.800 - U$17.500 level.
The probability of continuing the bull market is much bigger than reversing to a bear market.
If bitcoin closes ABOVE the orange lines, we still in bull run.
If Bitcoin closes BELOW the orange lines, we will have see the reversal, bearish scenario.
What we need for a healthy correction:
1 - MACD needs to go to a neutral zone (0);
2 - RSI needs to touch 40-50 level;
3 - Candle needs to to approach the EMA 50 (green line)
Possible scenarios to continue the uptrend (bull market):
1) Daily candle holding in the first orange line, putting the 20k breakout by the end of 2020 (Currently, I don't believe in this scenario)
2) Daily candle failing to hold on the first orange line, getting closer to major supports (second orange line), EMA 50 (green line) and U$15.800 level.
If btc closes BELOW second uptrend line (orange line) + U$15.800 , we turn to bear market again.
MY PERSONAL OPINION:
BTC will hold ABOVE the second orange line, continuing the climbing to U$20.000 (breakout by the end of january 2021).
MASSIVE buy orders will appear if BTC to go U$15.800 - U$17.500 level.
The probability of continuing the bull market is much bigger than reversing to a bear market.
Trade closed: target reached