Bitcoin (BTC) - possible relief rally to trade on Alts?
Indicators are showing slim possibility we get a brief relief rally which may cause some short term excitement in some alts.
BTC is trading back in the descending channel it established 23 OCT. Will be looking for a break out of this channel and a close on the 4H above the 59500 level (60k will be resistance). Last time we broke from the channel it re-lowed to 59500, possible similar scenario here if we touch the 58k. I have an eye on MLN for a possible pump if this relief rally is confirmed (see related idea). Will be taking any profits prudently, with small positions and setting a super tight stop loss. High risk, Aggressive trade - Not overly recommended!
On the 1H (short term prediction!, 2H showing similar, 4H yet to confirm)
OBV showing main volumes on Green candles
RSI making higher lows
MACD making high lows
MACD histogram failed to make lower low
However! It is Likely BTC gets stuck in this descending channel and breaks below in the next day or so to test the 54k Level.
BTC is trading back in the descending channel it established 23 OCT. Will be looking for a break out of this channel and a close on the 4H above the 59500 level (60k will be resistance). Last time we broke from the channel it re-lowed to 59500, possible similar scenario here if we touch the 58k. I have an eye on MLN for a possible pump if this relief rally is confirmed (see related idea). Will be taking any profits prudently, with small positions and setting a super tight stop loss. High risk, Aggressive trade - Not overly recommended!
On the 1H (short term prediction!, 2H showing similar, 4H yet to confirm)
OBV showing main volumes on Green candles
RSI making higher lows
MACD making high lows
MACD histogram failed to make lower low
However! It is Likely BTC gets stuck in this descending channel and breaks below in the next day or so to test the 54k Level.
Trade active:
Trades are active. Good work BTC
