Reading The Signals For Bitcoin (Bullish Not Bearish) | Patience
Updated
Here we have a daily (D) timeframe chart for Bitcoin (BTCUSD).
Each one of these candles stands for 24 hours.
The big bold black line on the chart stands for MA200.
Bitcoin is in a very strong bullish move right now and currently trading above EMA10, EMA50, all EMAs and also this MA200.
We remain strongly bullish above these level.
Before we can even think of a bearish scenario, MA200 at around $45,400 needs to be taken out.
There is no point in lookin at $37,000, $41,000 nor any other level as long as Bitcoin remains trading above ~$45,500 (MA200).
So, since we are bullish and strong, instead of focusing on the downside, we have to focus on the way up.
NOTE: If BTCUSD breaks and close below EMA10/MA200 (green/black lines), then we can onsider the bearish scenarios.
We also have $44,174 as support based on fibs.
As well as EMA21 ($42,635)... This all comes before $41,000...
Then again, we are on a bullish wave.
Thanks a lot for reading... Be patient, it will recover.
Namaste.
Each one of these candles stands for 24 hours.
The big bold black line on the chart stands for MA200.
Bitcoin is in a very strong bullish move right now and currently trading above EMA10, EMA50, all EMAs and also this MA200.
We remain strongly bullish above these level.
Before we can even think of a bearish scenario, MA200 at around $45,400 needs to be taken out.
There is no point in lookin at $37,000, $41,000 nor any other level as long as Bitcoin remains trading above ~$45,500 (MA200).
So, since we are bullish and strong, instead of focusing on the downside, we have to focus on the way up.
NOTE: If BTCUSD breaks and close below EMA10/MA200 (green/black lines), then we can onsider the bearish scenarios.
We also have $44,174 as support based on fibs.
As well as EMA21 ($42,635)... This all comes before $41,000...
Then again, we are on a bullish wave.
Thanks a lot for reading... Be patient, it will recover.
Namaste.
Note
The longer it stays above MA200, the better it is for the bulls.As soon as it breaks below MA200, we can see a strong retrace.
We stay bullish though above the support levels.
Currently strongly bullish above the MA200 black line.
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