(-) Nice recovery after the sell-off
(-) Yet again touching the red downward trend line (heavy resistance?)
(-+) Halving expected in 3 days (short-term correction? long-term bull run?)
(+) Weekly MACD green light (statistically, it is a good sign)
(+) Weekly Stochastic RSI: positive, upward trend, and it is not overbought (still room to grow)
(+) Above all major...
At resistance (7000), 0.5 Fibonacci extension, and 100 Week Moving Average (not shown)
Watching out for a potential decision point.
Not sure if we are in an Ascending Triangle or a Rising Wedge (one can be more bullish, the other is typically bearish)
If price moves up inside the white triangle, then I will consider going long... after looking at MACD , Stoch RSI and some key Moving Averages, among other indicators.
Yet, keep in mind that there is still a big fat red downward trend line just above our heads. Strong resistance.
Not financial advice.
We touched on the upward green trend line , and are currently holding on the 50 EMA (monthly), and finding support on the first downward dashed trend line in green, which coincides with the 0.78 Fibonacci Retracement level drawn from the last December 2018 bottom (3100$) to the June 2019 peak (14000$). The 0.78 level from the very bottom is at around $4000, just...