Rejected at 7 400 - 7 500 is Bitcoin really Bullish still? My anwser is yes, and here's why:
1. Broke a 3 month Downtrend Triangle
Breaking out of this triangle means that we have a reversal, a reversal is a change in the price direction of an asset. In other words when the price action broke out of the triangle it was meaning that a change in a trend was starting.
2. Indicators shows bullish signs
- Macd was oversold and flip bullish in late-november, we have still alot of space to go up before being overbought.
- Rsi was showing a big Bullish Divergence on the daily timeframe.
- The Fear and Greed index shows extreme fear.
3. Eth, Ltc and Xrp looks like they still need a bit more upside before further downside
Eth and Xrp lost a really important support at 140 and 0.21 and never had the chance to re-test it, for me this is a confirmation that they will help boost the price of Bitcoin before doing the final leg down for Capitulation.
My personnal play:
Portfolio Risk: 5%, Leverage: x10 - x25
Long: 7 080
Sl: 6 950
Tp1: 7 800
Tp2: 8 600
If you have questions and want to discuss about Btc, alts, forex or stock feel free to click on the link below.
1. Broke a 3 month Downtrend Triangle
Breaking out of this triangle means that we have a reversal, a reversal is a change in the price direction of an asset. In other words when the price action broke out of the triangle it was meaning that a change in a trend was starting.
2. Indicators shows bullish signs
- Macd was oversold and flip bullish in late-november, we have still alot of space to go up before being overbought.
- Rsi was showing a big Bullish Divergence on the daily timeframe.
- The Fear and Greed index shows extreme fear.
3. Eth, Ltc and Xrp looks like they still need a bit more upside before further downside
Eth and Xrp lost a really important support at 140 and 0.21 and never had the chance to re-test it, for me this is a confirmation that they will help boost the price of Bitcoin before doing the final leg down for Capitulation.
My personnal play:
Portfolio Risk: 5%, Leverage: x10 - x25
Long: 7 080
Sl: 6 950
Tp1: 7 800
Tp2: 8 600
If you have questions and want to discuss about Btc, alts, forex or stock feel free to click on the link below.