Hello all, let's see current market condition on bitcoin.
I want to give some highlights based on current chart :
1. Currently the price is testing the $6200 - $6400 region as a resistance, if it can breaks this level, we'll see the higher region to be tested
2. Looking at the MACD histogram on this daily candle, the histogram is having a higher low structure which significantly go higher than the previous days. This can lead to the golden cross over of the moving average in the MACD.
3. Bounce of the yellow support trend line which is having an alignment with the upper line of the falling wedge which has been broken out previously.
4. I still see a potential of the price to have a push 1 more time to the $8000 region as well. $9000 region could be tested but we will need more confirmation of this action.
5. We might be aware of current structure because we haven't seen any sign of bullish divergence both on MACD and RSI as the early stage of reversal pattern. That's why we need to use a tight stop loss to anticipate current bounce as a relief rally.
I want to give some highlights based on current chart :
1. Currently the price is testing the $6200 - $6400 region as a resistance, if it can breaks this level, we'll see the higher region to be tested
2. Looking at the MACD histogram on this daily candle, the histogram is having a higher low structure which significantly go higher than the previous days. This can lead to the golden cross over of the moving average in the MACD.
3. Bounce of the yellow support trend line which is having an alignment with the upper line of the falling wedge which has been broken out previously.
4. I still see a potential of the price to have a push 1 more time to the $8000 region as well. $9000 region could be tested but we will need more confirmation of this action.
5. We might be aware of current structure because we haven't seen any sign of bullish divergence both on MACD and RSI as the early stage of reversal pattern. That's why we need to use a tight stop loss to anticipate current bounce as a relief rally.
