Here we are analyzing BTC on a 4 hourly chart.
Right now things are looking pretty good. BTC is moving in an upward parallel channel. The daily RSI is still low, stoch is bullish and MACD is showing bullish reversal signs.
Looking deeper, BTC successfully defended its previous higher low at point 3 and now has made a new higher low at point 5. The red lines are the support lines and purple ones are the resistance lines. BTC needs to break through $7760 ($7800 fib level) and establish new higher high in order to continue the trend.
Lately, it has been witnessed that the fight is even between the bulls and the bears and BTC is not making any decisive move. However breakthrough of $8100 will strongly favor the case for the bulls and the break below $7100 (long support line) will increase odds for the bears.
For day traders, it is advisable to enter long and place optimal stop losses accordingly. We are almost out of the darkness guys! Just a few days more :)
Happy investing!
Right now things are looking pretty good. BTC is moving in an upward parallel channel. The daily RSI is still low, stoch is bullish and MACD is showing bullish reversal signs.
Looking deeper, BTC successfully defended its previous higher low at point 3 and now has made a new higher low at point 5. The red lines are the support lines and purple ones are the resistance lines. BTC needs to break through $7760 ($7800 fib level) and establish new higher high in order to continue the trend.
Lately, it has been witnessed that the fight is even between the bulls and the bears and BTC is not making any decisive move. However breakthrough of $8100 will strongly favor the case for the bulls and the break below $7100 (long support line) will increase odds for the bears.
For day traders, it is advisable to enter long and place optimal stop losses accordingly. We are almost out of the darkness guys! Just a few days more :)
Happy investing!