Bullish bias for Bitcoin over coming days. Weekends tend to have a drop in the cryptocurrencies markets but price has held strong today with a bullish engulfing forming on the daily chart for Bitcoin. What this would indicate to me is that bitcoin attempted a drop in price yesterday but was held up by strong buying pressure & the increased volume on today's candle shows that buyers are now coming in with more volume than the sellers of yesterday.
Supporting this would be the CCI at 100 showing than price action is stronger than average recent history and also the RSI is at ~60 not indicating overbought conditions as of yet. Price action is above the 13EMA on the hourly. I am going to look to enter around the 9275-9225 area which would be around where the 21EMA will be.
Supporting this would be the CCI at 100 showing than price action is stronger than average recent history and also the RSI is at ~60 not indicating overbought conditions as of yet. Price action is above the 13EMA on the hourly. I am going to look to enter around the 9275-9225 area which would be around where the 21EMA will be.
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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.