I've Switched Long
Bitcoin technicals are showing signs of short term bullishness. I switched long on the break of $7360.
We have an uptrend, support on the EMAs and rounded bottoms everywhere.
We also have a close above the 200 EMA on the 4H. We have not held above the 200 EMA since early November, except for a fakekout last week where we held it for about 24 hours.
We have resistance at $7430 which is also a place where day traders may be taking profit at 1:1 from the latest move. This is the level to watch. A break of this would likely start Bitcoin's next move up to $7700 minimum.
Scenario 1 - A retrace to my entry point or even slightly lower seems likely before moving up in the next day or two.
Scenario 2 - We could simply break up in the next few hours if more bulls jump in on this close above the 200 EMA.
Scenario 3 - If we break $7260 I'll be ready to stop out and look for another entry.
We have an uptrend, support on the EMAs and rounded bottoms everywhere.
We also have a close above the 200 EMA on the 4H. We have not held above the 200 EMA since early November, except for a fakekout last week where we held it for about 24 hours.
We have resistance at $7430 which is also a place where day traders may be taking profit at 1:1 from the latest move. This is the level to watch. A break of this would likely start Bitcoin's next move up to $7700 minimum.
Scenario 1 - A retrace to my entry point or even slightly lower seems likely before moving up in the next day or two.
Scenario 2 - We could simply break up in the next few hours if more bulls jump in on this close above the 200 EMA.
Scenario 3 - If we break $7260 I'll be ready to stop out and look for another entry.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.