Caution - BTC has been moving in the right direction for the past few days, but it hasn't been easy. Price has been grinding upward and on low volume. On the bullish side of the equation RSI, OBV and ADX are all pointing in the right direction, and price has broken through the short term trend line. We needed to see this before any further moves up are possible. Be warned though... until we see buyers entering on more significant volume this could all reverse at any time. There is also ample opportunity for those who might like to manipulate the market to party here, so we could see some wicks down to scoop up liquidity at lower levels.
Personally, there are enough bullish signals in the chart to hold a position in BTC. There is strong support at the $54K level so I've set my stop loss at $53K. If it gets down to that level all of the bullish indicators will have reversed and I want to be out.
Personally, there are enough bullish signals in the chart to hold a position in BTC. There is strong support at the $54K level so I've set my stop loss at $53K. If it gets down to that level all of the bullish indicators will have reversed and I want to be out.
