The red box is a trading range based on the first large red candle. We are currently trading inside of that candle. The previous 12 hour candle did close below but the current candle has popped up into the range again, so the break below was not confirmed.
MACD is pushing upwards towards the 0 level. If we can get to positive and break above that trading range then the journey back to the long-term blue trendline does not seem so great by the end of the month. The purple vertical line indicates the end of the month. This would paint a strong monthly reversal candle and the bull run will be back on.
With that optimistic view, based on MACD momentum as of right now, we remain bullish.
If the financial markets go through another strong break down, then of course all bets are off and bitcoin may tumble lower with the rest of global financial trading.
Traders may be opening longs here with stop losses placed below the red box. A good risk/reward position.
MACD is pushing upwards towards the 0 level. If we can get to positive and break above that trading range then the journey back to the long-term blue trendline does not seem so great by the end of the month. The purple vertical line indicates the end of the month. This would paint a strong monthly reversal candle and the bull run will be back on.
With that optimistic view, based on MACD momentum as of right now, we remain bullish.
If the financial markets go through another strong break down, then of course all bets are off and bitcoin may tumble lower with the rest of global financial trading.
Traders may be opening longs here with stop losses placed below the red box. A good risk/reward position.
Trade active:
Moving faster than necessary to reach back above the target trendline (blue) by month close for a very strong reversal to the upside.
Comment:
At this point to close the month at the target would be very surprising. Anything below target indicates a slow recovery due to the monthly candle close below support.
Trade active:
Unfortunately did not reach the end of month target for complete recovery of the recent massive drop (12 march) but still trending back up towards key resistance levels.
