BTCUSD 12/14/2020: Bull and Bear Targets
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Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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It seems like Bitcoin is in a distribution phase in 4 hour. In distribution phase, most of the people seeing the trend to be ending in nearer term. Price trading in a range until it breaks an important support. But take note, this could be an accumulation phase, in case the price break the important resistance. I have identified the important support and resistance relevant this week.
Support
$ 18,800.00 (Major)
$ 18,300.00 (Major) (Not in the Chart)
$ 18,000.00 (Minor)
$17,660.00 (Major)
Resistance
$ 19,450.00 (Major)
$ 19,705.00 (Minor)
How to trade?
For Long Position
Break and closed above $ 19,450.00 in Daily Time Frame, Likely the price to move higher and aims $ 21,000.00 to $ 25,000.00.
Trading Confirmation:
(1) Price is above Moving Averages;
(2) Bullish Convergence or Bullish Divergence on RSI, Stoch RSI and MACD in Daily and 4 Hour;
(3) Bullish Crossover in Stoch RSI and MACD; and
(4) RSI is above 50 Level in 4 hour and Daily.
For Short Position
Break and closed below each supports (I mentioned above) in Daily Time, Likely the price to lower and aims lower prices.
Trading Confirmation:
(1) Price breaks important EMAs (9,21,34);
(2) Bearish Convergence or Bearish Divergence on RSI, Stoch RSI and MACD in Daily and 4 Hour;
(3) Bearish Crossover in Stoch RSI and MACD; and
(4) RSI rejected by either 50, 60 or 70 level with a convergence or divergence.
Charts
1W
Still look bullish with no major sign of weakness of the trend but it does not mean to enter a trade now.
1D
Above all moving averages but below two resistance.
Bullish Divergence on RSI, Stoch RSI and MACD Histogram (Good)
RSI is holding above 50 Level (Good)
Stoch RSI has bullish crossover at oversold level (Good)
MACD has not yet made a bullish crossover (watch out)
Most likely in favor of the bulls.
4HR
Bullish Crossover of EMA 9 and MA 50 (I don't if it's reliable as of the moment)
but
There is a bearish divergence on RSI, Stoch RSI and MACD.
RSI is rejected at 70 level. Hoping for 50 level to hold.
Stoch RSI bearish crossover at overbought level.
Now, heading to 50 level. But there is possibility of Bullish Convergence
or Bullish Divergence after but not now.
MACD is trying to make a bearish crossover (not good)
This time frame is mixed. Likely, not worth it to trade.
Most likely to wait more favorable moments.
1HR
Bearish Convergence on RSI, Stoch RSI and MACD
Bearish Divergence on Stoch RSI
Price is above Moving Averages
Despite of it's bearish signal.
It's not good to enter a short position.
Conclusion
As of the moment, It's not good to enter a position.
Further waiting or not trading is the good choice.
As long as, Daily and Weekly is bullish my bias still in the upside.
So, for now, it's waiting game.
____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
_____
It seems like Bitcoin is in a distribution phase in 4 hour. In distribution phase, most of the people seeing the trend to be ending in nearer term. Price trading in a range until it breaks an important support. But take note, this could be an accumulation phase, in case the price break the important resistance. I have identified the important support and resistance relevant this week.
Support
$ 18,800.00 (Major)
$ 18,300.00 (Major) (Not in the Chart)
$ 18,000.00 (Minor)
$17,660.00 (Major)
Resistance
$ 19,450.00 (Major)
$ 19,705.00 (Minor)
How to trade?
For Long Position
Break and closed above $ 19,450.00 in Daily Time Frame, Likely the price to move higher and aims $ 21,000.00 to $ 25,000.00.
Trading Confirmation:
(1) Price is above Moving Averages;
(2) Bullish Convergence or Bullish Divergence on RSI, Stoch RSI and MACD in Daily and 4 Hour;
(3) Bullish Crossover in Stoch RSI and MACD; and
(4) RSI is above 50 Level in 4 hour and Daily.
For Short Position
Break and closed below each supports (I mentioned above) in Daily Time, Likely the price to lower and aims lower prices.
Trading Confirmation:
(1) Price breaks important EMAs (9,21,34);
(2) Bearish Convergence or Bearish Divergence on RSI, Stoch RSI and MACD in Daily and 4 Hour;
(3) Bearish Crossover in Stoch RSI and MACD; and
(4) RSI rejected by either 50, 60 or 70 level with a convergence or divergence.
Charts
1W
Still look bullish with no major sign of weakness of the trend but it does not mean to enter a trade now.
1D
Above all moving averages but below two resistance.
Bullish Divergence on RSI, Stoch RSI and MACD Histogram (Good)
RSI is holding above 50 Level (Good)
Stoch RSI has bullish crossover at oversold level (Good)
MACD has not yet made a bullish crossover (watch out)
Most likely in favor of the bulls.
4HR
Bullish Crossover of EMA 9 and MA 50 (I don't if it's reliable as of the moment)
but
There is a bearish divergence on RSI, Stoch RSI and MACD.
RSI is rejected at 70 level. Hoping for 50 level to hold.
Stoch RSI bearish crossover at overbought level.
Now, heading to 50 level. But there is possibility of Bullish Convergence
or Bullish Divergence after but not now.
MACD is trying to make a bearish crossover (not good)
This time frame is mixed. Likely, not worth it to trade.
Most likely to wait more favorable moments.
1HR
Bearish Convergence on RSI, Stoch RSI and MACD
Bearish Divergence on Stoch RSI
Price is above Moving Averages
Despite of it's bearish signal.
It's not good to enter a short position.
Conclusion
As of the moment, It's not good to enter a position.
Further waiting or not trading is the good choice.
As long as, Daily and Weekly is bullish my bias still in the upside.
So, for now, it's waiting game.
____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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