philocrypt0

BTC approaches $5800 resistance

KRAKEN:XBTUSD   XBT / USD
BTC             approaches $5800 again after a quick correction. During the correction BTC             bounced off $5100 mark at the bottom of the cloud; if you check the 1 day time frame you can see a dragonfly doji which also indicates a clean bounce. MACD suggests upward movement, but ADX at the moment is still falling. Watch for action around the $5800 mark. If we get a candle close above that mark with good volume and the ADX indicator switching up, I think it would be a good opportunity to open a long. Resistance is strong here so wait for the signal. If a long order is opened, a stop loss would be a good safety measure at $5500 and profits should be considered at $500 marks, i.e. $6500 and $7000.
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