BitcoinLong
4h chart BTC looks bullish - 3800 in the cards
What's up everyone!
When you look at the daily Bitcoin chart you can see that BTC looks kind of neutral/bearish on the daily. No bullish divergence and not an ideal close of yesterdays candle.
On the other hand, on the 4h chart it looks more bullish. We have bounced from the bottom of the descending wedge (ending diagonal of C wave) we were in for a little over 2 weeks, which was also a good support level. Also the bullish (reversal) divergence on the RSI and MACD looks good.
When the bulls trow in a little more power we could reach 3500/3550 within the next couple of days. We will face the resistance of the upper side of the wedge and the 3500 resistance zone there.
When we break through there we could go up to 3750/3800.
Make sure you have stop loss in place. As I said said, daily chart looks less bullish and the low weekend volume can do crazy things.
When you look at the daily Bitcoin chart you can see that BTC looks kind of neutral/bearish on the daily. No bullish divergence and not an ideal close of yesterdays candle.
On the other hand, on the 4h chart it looks more bullish. We have bounced from the bottom of the descending wedge (ending diagonal of C wave) we were in for a little over 2 weeks, which was also a good support level. Also the bullish (reversal) divergence on the RSI and MACD looks good.
When the bulls trow in a little more power we could reach 3500/3550 within the next couple of days. We will face the resistance of the upper side of the wedge and the 3500 resistance zone there.
When we break through there we could go up to 3750/3800.
Make sure you have stop loss in place. As I said said, daily chart looks less bullish and the low weekend volume can do crazy things.
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