$XBTUSD - Bitcoin Daily Technical Analysis - Long in sight
Updated
Let's look at the market from the daily timeframe point of view. Also, let us look at some of the indicators as to what they are indicating.
1) Bullish engulfing candle on 18th December'2019 indicates a strong bullish reversal trend.
2) RSI is giving a bullish signal in the form of Bullish Divergence. Strong bullish signal.
3) When we look at LMACD, it has also made a bullish move. Look at blue line cross red line which indicates bullishness. Red circle shows the movement.
Zone in blue from 7296$ and 7493$ is to be broken to confirm the bullish trend. This has been a long drawn support and resistance zone and dates back to 2017. Very important zone for us to watch out.
A daily and more importantly weekly close above 7500$ will confirm bullishness.
Go Go Go !!!!!
1) Bullish engulfing candle on 18th December'2019 indicates a strong bullish reversal trend.
2) RSI is giving a bullish signal in the form of Bullish Divergence. Strong bullish signal.
3) When we look at LMACD, it has also made a bullish move. Look at blue line cross red line which indicates bullishness. Red circle shows the movement.
Zone in blue from 7296$ and 7493$ is to be broken to confirm the bullish trend. This has been a long drawn support and resistance zone and dates back to 2017. Very important zone for us to watch out.
A daily and more importantly weekly close above 7500$ will confirm bullishness.
Go Go Go !!!!!
Note
So far so good ! Bitcoin is still trading in the blue zone that i have talked about. For Bullish argument, 7500$ needs to be crossed and weekly should close strongly above that. Waiting patiently !Trade closed: target reached
This trade idea turned out well with position from 7500$ area to 8900$ area. Please look out for another idea from my end.Hit like if this idea helped you in any way.
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