Hey traders, here is my update on BTC/USD pair:
This week has been interesting because of Consensus2018 which is considered one of the biggest crypto events and previously has made the market to push higher.
As seen on the chart the price is forming a very clear bullish divergence which is indicating that it's going to push higher. RSI and Histogram supports bullish divergence but it's important to wait until MACD forms higher low and blue line crosses above of orange line.
What should be expected next?
The price needs to take down $8.400 - $8.500 area before able to move higher. If the daily candle closes above of this area, it's likely going to push higher.
Good confirmations for upward movement is increased volume, breaking through of resistance zone mentioned previously and closing above of MA50 line.
If the price gets rejected by $8.400 - $8.500 area and resistance of wedge, then I would watch at the next support zone that can be found at $7.900 - $7.700 area.
Things to Remember
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
This week has been interesting because of Consensus2018 which is considered one of the biggest crypto events and previously has made the market to push higher.
As seen on the chart the price is forming a very clear bullish divergence which is indicating that it's going to push higher. RSI and Histogram supports bullish divergence but it's important to wait until MACD forms higher low and blue line crosses above of orange line.
What should be expected next?
The price needs to take down $8.400 - $8.500 area before able to move higher. If the daily candle closes above of this area, it's likely going to push higher.
Good confirmations for upward movement is increased volume, breaking through of resistance zone mentioned previously and closing above of MA50 line.
If the price gets rejected by $8.400 - $8.500 area and resistance of wedge, then I would watch at the next support zone that can be found at $7.900 - $7.700 area.
Things to Remember
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
Comment:
Divergence is still in play as long as indicators keep creating higher lows.