Despite recent bearish sentiment I've found that there are more than enough reasons to have hope that we've found the bottom and you may wish to buy back some btc or open some low leverage longs.
First, horizontal support here has been excellent - we've seen it tested a few times which can signal that it may break soon, but the recent 3D candle close (although not perfect) was close to a bull hammer reversal candle. It was red, and it wasn't perfect, but hammer-ish non the less. I'd like to add the three support (green) lines/zones reflected in the chart are taken from the 3D so they're most meaningful.
Second, our oscillators tell a good story. The MACD is showing some bullish divergence as we're seeing a slightly higher low here as price is actually making a slightly lower low than our previous dump to this range. Additionally, the daily RSI has bounced here (see circles on RSI) several times - history likes to repeat itself.
Finally, if we do continue up here I've provided the light pink lines as potential resistance/reversal areas to watch and consider opening shorts if we show signs of weakness here- these all align well with fib levels. For now my target is $7500.
For more frequent trade signals and calls you can follow me on twitter @lastapricot
First, horizontal support here has been excellent - we've seen it tested a few times which can signal that it may break soon, but the recent 3D candle close (although not perfect) was close to a bull hammer reversal candle. It was red, and it wasn't perfect, but hammer-ish non the less. I'd like to add the three support (green) lines/zones reflected in the chart are taken from the 3D so they're most meaningful.
Second, our oscillators tell a good story. The MACD is showing some bullish divergence as we're seeing a slightly higher low here as price is actually making a slightly lower low than our previous dump to this range. Additionally, the daily RSI has bounced here (see circles on RSI) several times - history likes to repeat itself.
Finally, if we do continue up here I've provided the light pink lines as potential resistance/reversal areas to watch and consider opening shorts if we show signs of weakness here- these all align well with fib levels. For now my target is $7500.
For more frequent trade signals and calls you can follow me on twitter @lastapricot
Comment:
Posted this twice by accident - thought it didn't work the first time.