Still Bullish Bitcoin however, cautious with entering a position now, before we break 4100 USD. Why am i bullish? because amidst all uncertainty in China, Bitcoin is global and this will trigger the Bitcoin community in other countries to step up.
However, its does not take much for me to reassess things and get out of the market to protect capital. I don't see the price of Bitcoin sustain its high value on a short and mid term with a Mining ban, although in long term i believe it will be more decentralized than ever, regaining value.
Bullish points:
Korea 's biggest messaging app to open new Crypto Exchange
www.cryptocoinsnews....00-cryptocurrencies/
The President of the European Central Bank has been vocal about Bitcoin
www.coindesk.com/mar...to-regulate-bitcoin/
Bearish points:
Other countries following China's steps
Any confirmation regarding a Mining Ban O.T.C trading in CN.
Chart of today!
1D chart BTC USD -Bitstamp.
1. The Descending Wedge Breakout at around 3885 USD would setup a target to 5096 USD a 1211 USD move up.
2. The Inverse Head and Shoulder Breakout might take us to 4840 USD, a 955 move to the upside.
3. Taking in account the Bearish H&S formation has been invalidated-see previous post- We are now looking at the 3600 USD area to hold before we get bearish.
4. The Numerical indicator on the daily (25th) flipped to a green 1 with and bullish engulfing candle. Today, a third green day adding a higher probability for a 9 count to the upside.
5. The MACD just made a bullish cross and this might fire up some buys to attempt to break the first big resistance at 4100 USD.
A break above this key level of resistance is another buy zone for the less aggressive trader/investor or good entry to increase size on the long side.
6. This zone from 3600 USD until 4100, where the sideways price action has been taking place lately is difficult to define an entry point so, i am staying out of any trade here and calling it neutral for now.
If you haven't been long from 3000 - 3400 USD , or from the pattern 1 and 2 breakout at 3885 USD I would wait for a break and close above 4100 with for an long /buy entry.
7. If the price fails to break 4100, we might head towards more choppiness, only a break below 3600 would make me bearish , i will be most probably be selling a portion of my BTC holding.
8. A break of 4100 USD doesn't yet moons bitcoin however , support and confidence will be building up above the 50 day MA as more longs opens.
Before getting near the targets /ATH we will face resistance around 4400 USD and 4600 USD. ( Blue Lines)
9. A break above the 50 day moving average is extremely important for the bulls as a lots short are most probably having their Stop losses set close above. On the other side, A rejection might trigger more short positions to open.
Happy Trading and may you all be profitable!
However, its does not take much for me to reassess things and get out of the market to protect capital. I don't see the price of Bitcoin sustain its high value on a short and mid term with a Mining ban, although in long term i believe it will be more decentralized than ever, regaining value.
Bullish points:
Korea 's biggest messaging app to open new Crypto Exchange
www.cryptocoinsnews....00-cryptocurrencies/
The President of the European Central Bank has been vocal about Bitcoin
www.coindesk.com/mar...to-regulate-bitcoin/
Bearish points:
Other countries following China's steps
Any confirmation regarding a Mining Ban O.T.C trading in CN.
Chart of today!
1D chart BTC USD -Bitstamp.
1. The Descending Wedge Breakout at around 3885 USD would setup a target to 5096 USD a 1211 USD move up.
2. The Inverse Head and Shoulder Breakout might take us to 4840 USD, a 955 move to the upside.
3. Taking in account the Bearish H&S formation has been invalidated-see previous post- We are now looking at the 3600 USD area to hold before we get bearish.
4. The Numerical indicator on the daily (25th) flipped to a green 1 with and bullish engulfing candle. Today, a third green day adding a higher probability for a 9 count to the upside.
5. The MACD just made a bullish cross and this might fire up some buys to attempt to break the first big resistance at 4100 USD.
A break above this key level of resistance is another buy zone for the less aggressive trader/investor or good entry to increase size on the long side.
6. This zone from 3600 USD until 4100, where the sideways price action has been taking place lately is difficult to define an entry point so, i am staying out of any trade here and calling it neutral for now.
If you haven't been long from 3000 - 3400 USD , or from the pattern 1 and 2 breakout at 3885 USD I would wait for a break and close above 4100 with for an long /buy entry.
7. If the price fails to break 4100, we might head towards more choppiness, only a break below 3600 would make me bearish , i will be most probably be selling a portion of my BTC holding.
8. A break of 4100 USD doesn't yet moons bitcoin however , support and confidence will be building up above the 50 day MA as more longs opens.
Before getting near the targets /ATH we will face resistance around 4400 USD and 4600 USD. ( Blue Lines)
9. A break above the 50 day moving average is extremely important for the bulls as a lots short are most probably having their Stop losses set close above. On the other side, A rejection might trigger more short positions to open.
Happy Trading and may you all be profitable!