Cryptofam 2.0 short term analysis.
The next entry point is below the white trend line following the hourly low prices. 1-3 month trend is obviously bullish.
If the price breaks this white trend line, entering a position should be considered.
RSI is showing a bearish divergence from the 4 hour bullish trend showing lower highs from May 3rd to date.
The Stoch RSI is neutral, not over bought or over sold at 55%
From a bullish perspective, bitcoin has been using the Ichimoku cloud as support and resistance over the past few days.
What is notable is that the fatter the ichimoku cloud, the closer the price action is to it.
We will wait to see if the bearish divergence will reverse the trend.
Once the trend is confirmed to be reversed.
We will enter into long position when the Stoch RSI trends up at the 20% level.
The next entry point is below the white trend line following the hourly low prices. 1-3 month trend is obviously bullish.
If the price breaks this white trend line, entering a position should be considered.
RSI is showing a bearish divergence from the 4 hour bullish trend showing lower highs from May 3rd to date.
The Stoch RSI is neutral, not over bought or over sold at 55%
From a bullish perspective, bitcoin has been using the Ichimoku cloud as support and resistance over the past few days.
What is notable is that the fatter the ichimoku cloud, the closer the price action is to it.
We will wait to see if the bearish divergence will reverse the trend.
Once the trend is confirmed to be reversed.
We will enter into long position when the Stoch RSI trends up at the 20% level.
Comment:
Fundamental bullish or bearish NEWS Data will further determine whether or not we are to enter into the above trade. Provided, we correctly predict entry price related trends. We will continue to update this strategy with fundamental support.
If there is no fundamental support for this trade, or if the news is NEUTRAl, we will enter into the trade based on technicals alone. This is the most ideal case.
The second case is there is bullish support in which case we wait for a minor correction to our entry price range of 5400-5600
The third case is that there is strong bearish support showing cause to delay this strategy until a bullish case arises.
If there is no fundamental support for this trade, or if the news is NEUTRAl, we will enter into the trade based on technicals alone. This is the most ideal case.
The second case is there is bullish support in which case we wait for a minor correction to our entry price range of 5400-5600
The third case is that there is strong bearish support showing cause to delay this strategy until a bullish case arises.
Comment:
As of May 4th, BTC has crossed the $5800 level of resistance. We are now taking note of our exit point.
Potential Entry Point. Based on Previous prediction a entry range of 5400-5550 will be ideal to take this position.