I remain Bullish on BTC, here is why
Updated
BTC finally broke the 200MA which can be interpreted as a bearish indicator. However, we are close to see a bullish cross between 200MA and 100MA. BTC is currently standing on the support of the trendline we broke in September.
Regarding the Fibonacci retracement, the 0.5 level is around $8,520. RSI and ADX don't give us much information. The ADX is close to pass under 25 levels which can lead to a weekly range in those levels.
In my opinion, I would recommend you to only scalp long since we broke the big falling wedge earlier, but the trend is not obvious. Be safe.
If you read last week article, you can see I expected this dump to $8,600 levels:
Follow this idea on Medium.
Regarding the Fibonacci retracement, the 0.5 level is around $8,520. RSI and ADX don't give us much information. The ADX is close to pass under 25 levels which can lead to a weekly range in those levels.
In my opinion, I would recommend you to only scalp long since we broke the big falling wedge earlier, but the trend is not obvious. Be safe.
If you read last week article, you can see I expected this dump to $8,600 levels:
Follow this idea on Medium.
Trade active
Opened long around 8600. That will remain a Support - Long zone (until broken)
[img]
Nice bullish divergence on H4
Trade closed manually
Closed today with nice profits. I feel like we are going to return into the range and maybe retest the hourly support.
Note
hourly support retested, however not worth a long since it becomes weak - waiting for more signals hereTrade active
First line touchedNote
Really hard to update the Daily chart here so we will take the H4 as an example. The chart is showing a bear trend forming a falling wedge and we are about to come to the edge of the triangle, so a decision has to be taken here and a big move will happen.This pattern is more likely to break out upward but I am expecting a first move downwards to swipe off all the long positions already taken.
Trade closed: stop reached
Long Stop-lossed. Waiting for better signal
I will update BTC position in a new thread
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.