BTCUSD Bulls Will Try Their Luck
BTC bulls now try to end the bear run, at least that's what RSI and Stoch says. Broken falling channel also demands at least one bull run to see if bulls are now strong enough to finish the mini bear trend.
Possible scenarios are shown at the chart with blue arrows. I want to point out some facts, though.
1) Watch out for the RSI resistance zone (exlamation mark)
2) Stoch and RSI says we will try at least 8800 area (20 EMA and 200 EMA convergence zone) or perhaps 9000 area (falling channel resistance area). However;
3) Real confirmation about a possible strong bull run should be provided by MACD. Watch MACD for bullish crossover to get the real confirmation. For months 4H MACD resistance and support trendlines work. This time we had a small violation but its not important as long as MACD returns into the channel. A bullish crossover might indicate that sooner or later BTC will break the falling channel for good and return to its 11800-12000 journey. Perhaps with this latest correction, we could even go higher this time, like 13-14K.
Note that since May 3rd, we had the strongest green candle volume. This is also good for bulls.
Regardless of the outcome, we should continue our bull journey either from here, or after falling 8000 area. At worst we could test the major ascending trendline (around 7400-7500) and then go up. I don't think BTC could fall any lower.
Possible scenarios are shown at the chart with blue arrows. I want to point out some facts, though.
1) Watch out for the RSI resistance zone (exlamation mark)
2) Stoch and RSI says we will try at least 8800 area (20 EMA and 200 EMA convergence zone) or perhaps 9000 area (falling channel resistance area). However;
3) Real confirmation about a possible strong bull run should be provided by MACD. Watch MACD for bullish crossover to get the real confirmation. For months 4H MACD resistance and support trendlines work. This time we had a small violation but its not important as long as MACD returns into the channel. A bullish crossover might indicate that sooner or later BTC will break the falling channel for good and return to its 11800-12000 journey. Perhaps with this latest correction, we could even go higher this time, like 13-14K.
Note that since May 3rd, we had the strongest green candle volume. This is also good for bulls.
Regardless of the outcome, we should continue our bull journey either from here, or after falling 8000 area. At worst we could test the major ascending trendline (around 7400-7500) and then go up. I don't think BTC could fall any lower.
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