Perspective after the weekly candle closes
Last week's weekly candle has closed in a green candle which in my opinion it represents that the current market sentiment is being positive after some bad news that occurred in the beginning of the last week. However, the price is now facing the huge resistance which is the .786 fibonacci retracement and the last significant level from the fibonacci structure.
The next significant thing will be on the RSI which is now trending above the 60 level which in other word the price is now entering the neutral-bullish region. Beside that, the MACD is now coming back on the positive side and its MA line is crossing up. But, there is still a problem I'm very concern of, especially because these 2 indicators are the lagging indicator which could give us a lagging signal and prone to occur fake out pattern. On the RSI, the shape of the line is not as strong as I want to be, its shape is leaning to horizontal. On the MACD, even there is very likely for the potential golden crossover on the MA, it occurs on the positive side which usually is not so bullish.
The only thing that can make me believe that this is not a fake out signal is that when the price on the weekly candle closes above the .786 fibonacci level range with a huge volume. Until then, we must wait further to more confirmation. For addition, look at my previous analysis which covered 3 important things to watch on the bitcoin.
The next significant thing will be on the RSI which is now trending above the 60 level which in other word the price is now entering the neutral-bullish region. Beside that, the MACD is now coming back on the positive side and its MA line is crossing up. But, there is still a problem I'm very concern of, especially because these 2 indicators are the lagging indicator which could give us a lagging signal and prone to occur fake out pattern. On the RSI, the shape of the line is not as strong as I want to be, its shape is leaning to horizontal. On the MACD, even there is very likely for the potential golden crossover on the MA, it occurs on the positive side which usually is not so bullish.
The only thing that can make me believe that this is not a fake out signal is that when the price on the weekly candle closes above the .786 fibonacci level range with a huge volume. Until then, we must wait further to more confirmation. For addition, look at my previous analysis which covered 3 important things to watch on the bitcoin.
