It is clear that Bitcoin is experiencing a trend reversal. This was confirmed by the bull break surpassing multiple resistance levels (white lines). MACD Cross, RSI neither oversold / overbought, and volume increasing. Next key level of resistance is $6000 USD/BTC.
These are two potential long positions:
1. Cup & Handle pattern - Get rejected around $6K USD and fall ~ 30% before a bull break past $6K.
1 Bull break on volume which would break $6K then run up to $6.7K before finding $6k as support.
All you need is simple indicators like volume, rsi, macd, and general chart analysis to determine the bullish market we're in. Of course I am a bull during a bull market and bear during a bear market but I anticipate some decent gains to be made next few months.. time will tell.
These are two potential long positions:
1. Cup & Handle pattern - Get rejected around $6K USD and fall ~ 30% before a bull break past $6K.
1 Bull break on volume which would break $6K then run up to $6.7K before finding $6k as support.
All you need is simple indicators like volume, rsi, macd, and general chart analysis to determine the bullish market we're in. Of course I am a bull during a bull market and bear during a bear market but I anticipate some decent gains to be made next few months.. time will tell.
Comment:
Nice.