Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin (XBTUSD) is likely moving higher now... but why?
On the chart above, take a look at the trend line... This trendline worked as a strong resistance pushing Bitcoins price down multiple times.
After it was broken, Bitcoin challenged the next resistance and came back down to retest the trendline... The trendline held successfully and Bitcoin is now showing signals that it wants to go up...
Here are the signals coming from this chart
The MACD is showing a bullish crossover as well as moving on the bullish side.
The RSI is really strong at 60+.
Trading above EMA10/50/100/200 is really bullish.
Bull/Green volume growing on a Sunday/Weekend/Full Moon (people are out in the streets on Full Moon).
This is a bullish setup right here... But protection is needed.
The charts are always changing and this is a 1H chart. So in just a few hours, this whole setup can change drastically, for this reason, we prepare for any and all outcomes.
A break below support in the form of EMAs (EMA10 to 200), would increase the bearish potential and invalidate this setup.
A full candle closes below $8150 can be used as a stop-loss... Remember, this is not financial advice.
Thanks a lot for reading.
Thanks a lot for your continued support.
This is Alan Masters. I am always sharing with love in my heart.
I hope you enjoyed this content.
Namaste.
Comment
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Looks like it is about to move... ~$8500 - $8550 is the barrier to break... Closing above it can send prices higher...