Finally we are seeing some movement in the market after a few days of sideways momentum. Personally, I do believe the bottom is in and all the FUD has ended, for now.
We see BTC breaking above the 4 hour EMA ribbon and also breaking out of the pennant resistance, which is a bullish sign. However, there are some key levels for BTC to break before we can confirm our journey back into the bull cycle.
The first key level (MOST IMPORTANT LEVEL) I would be watching is the 42k level where we previously tried to break but failed. Level 2 & 3 should be fairly easy to clear as we did experience quite bullish momentum during the journey up in the previous round.
Will wait for confirmation on the 38k and put a long position to 42k as the first TP (take profit) zone and then ride it out from there! Stay safe & trade well!
Cheers
We see BTC breaking above the 4 hour EMA ribbon and also breaking out of the pennant resistance, which is a bullish sign. However, there are some key levels for BTC to break before we can confirm our journey back into the bull cycle.
The first key level (MOST IMPORTANT LEVEL) I would be watching is the 42k level where we previously tried to break but failed. Level 2 & 3 should be fairly easy to clear as we did experience quite bullish momentum during the journey up in the previous round.
Will wait for confirmation on the 38k and put a long position to 42k as the first TP (take profit) zone and then ride it out from there! Stay safe & trade well!
Cheers
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Disclaimer
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.