lets keep this short and precise. we're approaching a test of 20EMA (in red) as support on 1 hour chart. of we close a candle below it, shits gonna get nasty. I lean towards bullish move because bears are losing momentum, which created an ascending triangle, and a bullish divergence of RSI with price!
Also, to be safe, lets zoom out a bit to the 2 hour chart:
as shown below, we're about to attempt a break of 20EMA at 6550. As long as rsi stays inside this uptrend line, and we pass, shits bullish, otherwise, ya'll might wanna short.
last but not least, if we zoom out more, in 4 hour chart, there's the ascending triangle, and MACD reached local minima at a value around -200.. so its reaaaaally hard to drop at this point!
To sum up, i'll buy now, and put stop loss on 6370.
good luck.
Also, to be safe, lets zoom out a bit to the 2 hour chart:
as shown below, we're about to attempt a break of 20EMA at 6550. As long as rsi stays inside this uptrend line, and we pass, shits bullish, otherwise, ya'll might wanna short.
last but not least, if we zoom out more, in 4 hour chart, there's the ascending triangle, and MACD reached local minima at a value around -200.. so its reaaaaally hard to drop at this point!
To sum up, i'll buy now, and put stop loss on 6370.
good luck.
Trade active
here goesNote
this is why i'm saying MACD will most likely not drop more! if it does, that means we're heading to sub 6k levels. no in between :)
Note
ps: im trading BCH to get more gains. i opened trade at :522 and stop loss at 508Note
I cancelled stop loss due to higher than normal volatility, ass seen from BBW. trade still active.Also as you can see, BTC got rejected at 20EMA but is refusing to give up. we're approaching another test now. this one should take us to 6700
Note
safest thing to do eight now is to play the bullish div. on 4 hr chart. buying now and puttin a SL below before low(invalidation of divergence).Note
an even safer approach would be waiting for a break of 6500 as mentioned earlier ^Note
so far im still bullishNote
i can't predict when the squeeze well happen though. because we're approaching weekend. but last weekend a squeeze happened so who knows!Note
MACD still supports hypothesis. a reversal on 5800 is extremely likely Note
STILL HOLDING CURRENT LEVELS! STILL SAME STOP BUY. 6500!Note
alts are shit though! but we shouldn't drop any more. but if BTC managed to sustain its price this far... we're reversing guys. also, MACD hasn't dropped from my level.. and its finally getting into the positive. also, shorts are at an all time high. But sentiment is trash, so wait for a break of 6450-6500 as said almost 5 days ago
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.