Good morning,
Bitcoin fell down out of the pitchfork and appears to have bounced off the Ichimoku base line. It has also appeared to have found support at the the trendline from where it bottomed out at $3000. However, MACD and DMI show crossovers; taken alone this suggests downward movement, but I do not think the signal is very strong and the chart suggests we might see movement back up. Watch for a spinning top (or any other reversal) closing candle on the 4hr for upward movement.
I think this might be a good opportunity to buy the low end of the pitchfork. Depending on trading strategies, a short-term trade could set a stop loss just below $4200 with a target of $4500, or a more long-term trade could set stop losses below $3500 with a target of $5000.
If Bitcoin returns to test $4500, watch for a break up with heavy volume. I think it’s always good to leave a little bit of a long trade open in case we do see those big movements up.
Remember, never trade more than you’re willing to lose.
Bitcoin fell down out of the pitchfork and appears to have bounced off the Ichimoku base line. It has also appeared to have found support at the the trendline from where it bottomed out at $3000. However, MACD and DMI show crossovers; taken alone this suggests downward movement, but I do not think the signal is very strong and the chart suggests we might see movement back up. Watch for a spinning top (or any other reversal) closing candle on the 4hr for upward movement.
I think this might be a good opportunity to buy the low end of the pitchfork. Depending on trading strategies, a short-term trade could set a stop loss just below $4200 with a target of $4500, or a more long-term trade could set stop losses below $3500 with a target of $5000.
If Bitcoin returns to test $4500, watch for a break up with heavy volume. I think it’s always good to leave a little bit of a long trade open in case we do see those big movements up.
Remember, never trade more than you’re willing to lose.