Bitcoin - near strong middle term resistance -price breakout !?
Updated
Bitcoin price showed two times strong support within drawn up channel. If you take a look at the chart you can see clearly price is near strong resistance and middle term wedge line. There are two scenarios for further price action.
1. Price will retrace from resistance trend line after closing several times under the line and dump within one week to drawn targets
2. Price candles break this resistance trend line and close several times above which would bring higher volume into the market and with that a lot buyers who would shoot up the price to around 5K which is middle term resistance.
Relative strength index is showing bullish trend continuation and MACD baselines crossed also bullish which is in generell indicator for up trend continuation.
50D WMA crossed already 200D WMA and 100D WMA is crossing the 200D WMA soon which is also bullish indicator.
Wait for clear short/long entry confirmation before entering this trade
Good luck to all and enjoy your weekend !
1. Price will retrace from resistance trend line after closing several times under the line and dump within one week to drawn targets
2. Price candles break this resistance trend line and close several times above which would bring higher volume into the market and with that a lot buyers who would shoot up the price to around 5K which is middle term resistance.
Relative strength index is showing bullish trend continuation and MACD baselines crossed also bullish which is in generell indicator for up trend continuation.
50D WMA crossed already 200D WMA and 100D WMA is crossing the 200D WMA soon which is also bullish indicator.
Wait for clear short/long entry confirmation before entering this trade
Good luck to all and enjoy your weekend !
Trade active
price is following trend line after correction move from March 21
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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