BTC Still Hovering Around Resistance!
In the above chart you can see Bitcoin is still hovering around the 16.8k resistance level on the 4h and still hasn't definitively closed above it. Although looking at a few indicators, I'm seeing some bullish signs:
1. The more a level is tested, the weaker it becomes (i.e resistance is becoming weaker)
2. The RSI crossed over the signal line and is climbing to the upside
3. The MACD just crossed its signal line to the upside as well
All of this combined with a weaker resistance usually means a strong breakout is on the horizon. With that said, I don't think I would buy right here, only because of the macro economic environment with things still being shaky. I would wait to buy until one of three things happen:
1. Bitcoin closes definitively above 16.8k
2. Bitcoin falls to its support of 16.3k or 16.1k (where I would buy at both levels)
3. If Wave Fusion gives me a buy indication at a support level
If Bitcoin does break the 16.8k resistance, I'm looking for it to retest 17.3k (which also coincides with the 200 EMA) and rejecting a least once back down to 16.8k before longing again.
If this helped you out in any way or you had any questions about the indicators used, please comment below or send me a PM :)
1. The more a level is tested, the weaker it becomes (i.e resistance is becoming weaker)
2. The RSI crossed over the signal line and is climbing to the upside
3. The MACD just crossed its signal line to the upside as well
All of this combined with a weaker resistance usually means a strong breakout is on the horizon. With that said, I don't think I would buy right here, only because of the macro economic environment with things still being shaky. I would wait to buy until one of three things happen:
1. Bitcoin closes definitively above 16.8k
2. Bitcoin falls to its support of 16.3k or 16.1k (where I would buy at both levels)
3. If Wave Fusion gives me a buy indication at a support level
If Bitcoin does break the 16.8k resistance, I'm looking for it to retest 17.3k (which also coincides with the 200 EMA) and rejecting a least once back down to 16.8k before longing again.
If this helped you out in any way or you had any questions about the indicators used, please comment below or send me a PM :)
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