Hello there!
This price action is very interesting. We can see a lot of bullish movement.
The question is ' What is the next move? '
I am almost sure, that we are at the middle of big third wave. I can see end of that third wave around 5750 - 5900$. There I expect we can see a hard rejection, and fast drop.
If my count is correct, that means we have one more wave up to around 0.786 Fib.
But here is not everything bullish. If we look RSI we can see it's make lower highs and lower lows which is bearish.
If we look at MACD we can also see this rally is slowly loosing strength. We can also see that volume decreasing which is bearish signal, but we are in a mini 'bull run' so i think that means we will see a big move very soon.
Moving average looking decent, we can see how 200 EMA on 4 hour chart is holding Bitcoin for more than 2 months now.
If you closely look at level 2 price action, you can see there is a lot of bullish pressure.
Just look at that Tether and Bitfinex FUD, if Tether drop 3% Bitcoin on Bitfinex will probably hit 6000$, and than i can easy see Bitcoin on regular exchanges to 5800$, that is one more bullish argument.
Overall I am bullish here, i will probably go long but we need to be careful, there is a lot of whales who can empty their bags every moment.
If you like this analysis don't forget to leave a like and follow me. If you have any question fell free to leave a comment or send me a direct message.
This price action is very interesting. We can see a lot of bullish movement.
The question is ' What is the next move? '
I am almost sure, that we are at the middle of big third wave. I can see end of that third wave around 5750 - 5900$. There I expect we can see a hard rejection, and fast drop.
If my count is correct, that means we have one more wave up to around 0.786 Fib.
But here is not everything bullish. If we look RSI we can see it's make lower highs and lower lows which is bearish.
If we look at MACD we can also see this rally is slowly loosing strength. We can also see that volume decreasing which is bearish signal, but we are in a mini 'bull run' so i think that means we will see a big move very soon.
Moving average looking decent, we can see how 200 EMA on 4 hour chart is holding Bitcoin for more than 2 months now.
If you closely look at level 2 price action, you can see there is a lot of bullish pressure.
Just look at that Tether and Bitfinex FUD, if Tether drop 3% Bitcoin on Bitfinex will probably hit 6000$, and than i can easy see Bitcoin on regular exchanges to 5800$, that is one more bullish argument.
Overall I am bullish here, i will probably go long but we need to be careful, there is a lot of whales who can empty their bags every moment.
If you like this analysis don't forget to leave a like and follow me. If you have any question fell free to leave a comment or send me a direct message.
Trade active:
I think it probably close to finish third wave here. Be very careful we can expect hard dump now.
