Bitcoin is on a move again. Do you see a bullish reversal?
Bitcoin is making good moves for a week now, and trading at around $40,700 at the time of writing, which is also a previous resistance level. If it manages to break this level, we could see a trend reversal changing the overall sentiment towards bullish market bias.
We could also see that on 4H timeframe EMA50 has crossed over EMA200, which is also considered as a golden cross and is seen as a good factor for a bullish move.
RSI was in an overbought zone earlier, dipped a little bit down, retested $37000 levels, and is again in the overbought zone showing bulls are back in control of the market. The Volume is also increasing lately which means the masses are buying the asset and see the market going upwards.
If it manages to break the immediate resistance, it's a good place to put your buy orders or go long.
Always do your own research and employ proper risk management techniques in your trade setups. Use stop losses and take profits to bring discipline to your trading.
Do let us know your thought on this idea in the comment box below.
Happy Trading
We could also see that on 4H timeframe EMA50 has crossed over EMA200, which is also considered as a golden cross and is seen as a good factor for a bullish move.
RSI was in an overbought zone earlier, dipped a little bit down, retested $37000 levels, and is again in the overbought zone showing bulls are back in control of the market. The Volume is also increasing lately which means the masses are buying the asset and see the market going upwards.
If it manages to break the immediate resistance, it's a good place to put your buy orders or go long.
Always do your own research and employ proper risk management techniques in your trade setups. Use stop losses and take profits to bring discipline to your trading.
Do let us know your thought on this idea in the comment box below.
Happy Trading