Watch this Bitcoin trend change confirmation
Hi Tradingview Crypto community!
Today has been a day when the second weekly Bitcoin candle has closed above 21 EMA. This scenario indicating about the potential change in the trend from bearish to bullish. However, I would not rush to make such conclusion yet. We would need to see what the Bitcoin price will do in the next few weeks.
Although there is a higher possibility for a trend change, we need to be patient and wait for the confirmation.
In 2019 the trend changed from bearish to bullish when Bitcoin price broke above 21 EMA, stayed there for few weeks and then gone higher and above the weekly 50 DMA. At that moment we also witnessed the crossover of both averages 21 EMA and 50 DMA. This was the confirmation of Bitcoin reversal.
We are about to have the same scenario perhaps in a few weeks time.
Let's see if the Bitcoin price will break out above 50 DMA.
Let's see if 21 EMA will cross and go above 50 DMA.
I will be closely monitoring the markets in the meantime and making my decisions based on the price action.
The bitcoin price could go as high as $25,300 touching the 50 DMA and then we might have a bounce back down. Could be a good idea to open a short position.
If you like this idea, please give me thumb up and follow here on Tradingview.
In my next idea I will reveal my long term strategy explaining how I will be catching the bottom.
Stay Crypto!
Today has been a day when the second weekly Bitcoin candle has closed above 21 EMA. This scenario indicating about the potential change in the trend from bearish to bullish. However, I would not rush to make such conclusion yet. We would need to see what the Bitcoin price will do in the next few weeks.
Although there is a higher possibility for a trend change, we need to be patient and wait for the confirmation.
In 2019 the trend changed from bearish to bullish when Bitcoin price broke above 21 EMA, stayed there for few weeks and then gone higher and above the weekly 50 DMA. At that moment we also witnessed the crossover of both averages 21 EMA and 50 DMA. This was the confirmation of Bitcoin reversal.
We are about to have the same scenario perhaps in a few weeks time.
Let's see if the Bitcoin price will break out above 50 DMA.
Let's see if 21 EMA will cross and go above 50 DMA.
I will be closely monitoring the markets in the meantime and making my decisions based on the price action.
The bitcoin price could go as high as $25,300 touching the 50 DMA and then we might have a bounce back down. Could be a good idea to open a short position.
If you like this idea, please give me thumb up and follow here on Tradingview.
In my next idea I will reveal my long term strategy explaining how I will be catching the bottom.
Stay Crypto!
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.