Hello Guys,
it is time to analyze Bitcoins again.
Why I am neutral and not buying yet?
Negative Reasons:
1st: During the recent movement up, we do not see any increase in volumes - they are below average -
2st: Stochastic RSI is still moving in oversold area, which is a very bearish signal. We need to see the indicator moving away from the oversold area and crossing above of it.
3rd:
Positive Reasons:
1st: As I have been saying in my previous posts; based on cycle analysis, I expect to see a positive cycle starting in Late April, beginning of May. We have confirmation from Stochastic Rsi. Cycles are so clear and so constant when we observe the weekly chart.
Conclusions: Since we do not see an effective increase in volumes, it is suggested not to trigger a long yet. We do need further confirmations, in order to avoid to trade just a rebound. However, it is time to keep a close eye on Bitcoin.
Thank you guys,
Simone
it is time to analyze Bitcoins again.
Why I am neutral and not buying yet?
Negative Reasons:
1st: During the recent movement up, we do not see any increase in volumes - they are below average -
2st: Stochastic RSI is still moving in oversold area, which is a very bearish signal. We need to see the indicator moving away from the oversold area and crossing above of it.
3rd:
Positive Reasons:
1st: As I have been saying in my previous posts; based on cycle analysis, I expect to see a positive cycle starting in Late April, beginning of May. We have confirmation from Stochastic Rsi. Cycles are so clear and so constant when we observe the weekly chart.
Conclusions: Since we do not see an effective increase in volumes, it is suggested not to trigger a long yet. We do need further confirmations, in order to avoid to trade just a rebound. However, it is time to keep a close eye on Bitcoin.
Thank you guys,
Simone
