BTCUSDT - Above the 9 Day EMA - Strong
Updated
Day candle closed above the 9 day EMA (orange). This is a very strong indicator that has signaled trend reversal in the past. It will be crucial to see if the EMA acts as enough support to push Bitcoin through the FIb Resistance at 7800 which was tested recently. It could bounce back and forth between 7600 and 7800 for a day or so asthe gap closes and Bitcoin is forced to make a decision. For now, I am long expecting the 9 day EMA (orange) to continue to provide support as Bitcoin moves up the Fib ladder.
Other consistent indicators include the MACD Crossover and the RSI breaking over 40 into the neutral area after recently having bottomed out.
Strong June incoming.
Other consistent indicators include the MACD Crossover and the RSI breaking over 40 into the neutral area after recently having bottomed out.
Strong June incoming.
Note
Looking for 7400 - 50% retracement of wave 1 - to trigger the bounce. Unwilling to sell off my long position unless day candle closes below the 9 day ema in orange.Note
Was 6/3 a headfake? Looking at 3/21 for similar price movement. The fact that the 9 day ema did not provide any support on the 6/4 candle worries me. I am still in my position because 6/4 was still a higher low, but my confidence took a hit. I will regain some confidence if the 6/5 candle closes above the 9 day EMA around 7,600.Note
The 9 Day EMA is being crossed over by almost every day candle which leaves me with zero confidence at this time. I am still holding and have placed my Stop Loss at around 7230. Looking at the past, when the 9 Day EMA is continuously broken days on end, wit has resulted in a strong breakout up (2/9-14) and is also resulted in a strong breakout down (3/20-24). To try and get a better idea of what might happen, I looked at the 4 hour chart which has inconsistencies as well. The RSI recently made a lower high but is still above 40. Additionally, the MACD broke its recent upwards trend and then that trendline became resistance which might cause a bullish crossover.
Note
Correction - The MacD on the 4 hour might make a bearish crossover*Note
The Day chart shows a lot of long wicks bouncing back n forth over the 9 Day EMA which tends to show this price could go either way. So looking at the 4 hour chart to compare this current consolidation to what occurred early April and they look very similar. RSI is similar now, if not stronger. MACD looks very similar. I will continue to hold unless this price breaks down and a day candle closes outside the pattern. These wicks are tricky and a hasty knee jerk decision could result in missing the massive bounce that we have been waiting for.
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