Bullish Signs for Bitcoin but can it manage to close above 9200?
Although forming a small green harami candle on the daily with little volume, there are bullish signs for Bitcoin on the hourly.
-8EMA, 13 EMA, & 21 EMA are crossing over which tends to be a strong signal when supported by other factors
-Volume is picking up
-Price action managed to break above 9200 resistance
-Altcoin market performing well today
If we see price action break back above 9200 & close here, I will speculate that this resistance point will be turned into support & look to take a long position. I will be monitoring for decent volume. I will looking to enter close to 9200 with 9350 as profit taking area & 9050 as stop loss. Key risks include that on the larger time frames, the time frame is quite low so after getting into a position market could trade sideways for several hours & then retrace down. Another risk is that 9200 doesn't turn into support & price action easily comes back down below it.
-8EMA, 13 EMA, & 21 EMA are crossing over which tends to be a strong signal when supported by other factors
-Volume is picking up
-Price action managed to break above 9200 resistance
-Altcoin market performing well today
If we see price action break back above 9200 & close here, I will speculate that this resistance point will be turned into support & look to take a long position. I will be monitoring for decent volume. I will looking to enter close to 9200 with 9350 as profit taking area & 9050 as stop loss. Key risks include that on the larger time frames, the time frame is quite low so after getting into a position market could trade sideways for several hours & then retrace down. Another risk is that 9200 doesn't turn into support & price action easily comes back down below it.