BTC 4HR Chart, can we continue bullish momentum??
The indicator group I use ( MacD , TRIX , Stochastic ) is showing bullish momentum, along with the last two (4hour) candlesticks showing bullish engulfing and now added buying pressure with the close on the last (4hour) candlestick fully engulfing the 8 hour period before that.
We must see a close in price above the trend line which is currently around the 6,600 price level of resistance.
If we cannot prove a bullish close of the candlestick above the trend line, we will most likely see a rejection back down to the 55 EMA. If it pushes down thru the 55 EMA, look for a bounce off the support area of 6,250-6,350.
THIS CHART IS DONE WITH (4-HOUR) CANDLESTICKS.. CHECK OUT THIS LINK FOR THE DAILY CHART
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
BTC Current price 6,506
Completed (UTC-7) Los Angeles
We must see a close in price above the trend line which is currently around the 6,600 price level of resistance.
If we cannot prove a bullish close of the candlestick above the trend line, we will most likely see a rejection back down to the 55 EMA. If it pushes down thru the 55 EMA, look for a bounce off the support area of 6,250-6,350.
THIS CHART IS DONE WITH (4-HOUR) CANDLESTICKS.. CHECK OUT THIS LINK FOR THE DAILY CHART
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
BTC Current price 6,506
Completed (UTC-7) Los Angeles
Selling pressure is resisting the move upward, look for support around 6,350 price level.