After the big selloff and liquidation of many retail traders it seems BTC is trying to make a comeback during a world pandemic. Must be all the free money the governments are giving away.
Bitcoin will need to conquer many obstacles in it's path to go higher than where we are now. For starters BTC is about to hit the .618 bear cycle retracement level @$7168. Above that we see the bottom of the Gaussian Channel and the MA 50 (in orange).
On the MACD we can see where the green up arrow is that it is about to cross above the 0.
If BTC were to conquer these above indicators it could get to the red horizontal line @ $7800.
On the 4hr chart below BTC has broken above the lime green trendline and on the MACD there is a bullish crossover.
On the 1hr chart below BTC has closed twice above the lime green trendline and is on it's way to the MA 1000 (in orange) where it also meets the 0.618 fib level. However on the RSI we can see it has nearly peaked and BTC may retrace back under the 7k level or EMA 10 (in blue) before either moving further down from there or bounce back up to break through the 0.618 fib level.
So for now, we are waiting to see what happens at the crucial 0.618 fib level. If BTC can close above this as per above we are bullish. If BTC rejects at this level then we are bearish.
I already have an open long position in play and is in the green. I will closely monitor the 1 hour and 4 hour charts to see if BTC can break the bear cycle level so I can hold the long position open.
I will open a short position at the top of the Gaussian Channel with a tight stop loss just above it. If BTC doesn't reject these indicators, the short will close and I still have my long open. If BTC does reject, the short will be in play and I can close my long at a profit still.
Happy trading legends!
HTBB
Bitcoin will need to conquer many obstacles in it's path to go higher than where we are now. For starters BTC is about to hit the .618 bear cycle retracement level @$7168. Above that we see the bottom of the Gaussian Channel and the MA 50 (in orange).
On the MACD we can see where the green up arrow is that it is about to cross above the 0.
If BTC were to conquer these above indicators it could get to the red horizontal line @ $7800.
On the 4hr chart below BTC has broken above the lime green trendline and on the MACD there is a bullish crossover.
On the 1hr chart below BTC has closed twice above the lime green trendline and is on it's way to the MA 1000 (in orange) where it also meets the 0.618 fib level. However on the RSI we can see it has nearly peaked and BTC may retrace back under the 7k level or EMA 10 (in blue) before either moving further down from there or bounce back up to break through the 0.618 fib level.
So for now, we are waiting to see what happens at the crucial 0.618 fib level. If BTC can close above this as per above we are bullish. If BTC rejects at this level then we are bearish.
I already have an open long position in play and is in the green. I will closely monitor the 1 hour and 4 hour charts to see if BTC can break the bear cycle level so I can hold the long position open.
I will open a short position at the top of the Gaussian Channel with a tight stop loss just above it. If BTC doesn't reject these indicators, the short will close and I still have my long open. If BTC does reject, the short will be in play and I can close my long at a profit still.
Happy trading legends!
HTBB
Note
correction on bottom paragraph: I will open short at the bottom of the Gaussian Channel not the top.Note
Huge dump incoming or huge breakout to the upside, which will happen?Looks like the $7400 region I spoke about in my analysis before the crash was too strong and a push to the downside may be on the cards.
In this 4 hour chart below I am watching the current candle and the next to see if a few things occur. The current candle is trying to hold the EMA 50 (in purple) and EMA 200 (in pink). On the other hand, the EMA 10 (in blue) has crossed under the EMA 20 (in yellow). The long lime green trendline going up is the make or break area. A close below could spell doom for BTC, but if it holds this uptrend, it could be a huge boost for the upside.
On this 1 day chart we can see BTC is stuck in between the MA 50 (in yellow) which it had heavy resistance at and the EMA 10 (in blue) which it is currently holding.
If BTC moves down below the green trendline, a push to the 6k region is coming. For a move up we need to see a push back above the $7186 area I spoke about earlier (pinkish horizontal line on 4hr chart) and for the daily chart to hold the EMA 10 and break the MA 50.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.