Bitcoin has been doing well on the four hour chart the last few days. Showing highers lows which is a good sign and RSI above 50 though the strength still isn't what i believe is needed to break through the resistance near 7k. We have some positives though to look forward too:
10 period MA is about to cross the 20 Period. (red line over brown line)
We are seeing support at the 50 Period MA the last 8 hours (blue line)
Stoch trend is still trending up
The Higher lows.
The problems i see:
The stoch k line is separating from the red which can signal trend strength is about to switch.
Last few candles still bounce of the resistance near 7k
Volume is dropping, matched with the Stoch comment another sign of a possible trend reversal.
The 20 Period and 50 period MA's are still angled down, so overall trend is still bearish.
I do find if you have a strong trend change on the four hour chart that could be a good sign for the daily, so far not seeing it unless we get another good spike in buy volume as the market continues. I believe we may see another bounce off 7k if the volume still continues to trend down but may bounce off the 50 period MA again. The 50 period is slightly trending down so the actual price rate will change.
Once the Asian and European markets open up, either we will see renewed strength to this trend or more people selling. Make a plan and execute. I'm still just holding for now unless i do see another bounce back off 7k, then may cash some out for a lower buy in.
10 period MA is about to cross the 20 Period. (red line over brown line)
We are seeing support at the 50 Period MA the last 8 hours (blue line)
Stoch trend is still trending up
The Higher lows.
The problems i see:
The stoch k line is separating from the red which can signal trend strength is about to switch.
Last few candles still bounce of the resistance near 7k
Volume is dropping, matched with the Stoch comment another sign of a possible trend reversal.
The 20 Period and 50 period MA's are still angled down, so overall trend is still bearish.
I do find if you have a strong trend change on the four hour chart that could be a good sign for the daily, so far not seeing it unless we get another good spike in buy volume as the market continues. I believe we may see another bounce off 7k if the volume still continues to trend down but may bounce off the 50 period MA again. The 50 period is slightly trending down so the actual price rate will change.
Once the Asian and European markets open up, either we will see renewed strength to this trend or more people selling. Make a plan and execute. I'm still just holding for now unless i do see another bounce back off 7k, then may cash some out for a lower buy in.