BTC is currently getting a substantial bounce off the 100 Daily EMA. However, it is still too early to get excited. To keep the noise to a minimum zooming out to weekly scale. We need to keep an eye on the following:
1. The bounce from the VPVR demand zone cluster needs to be accompanied with some volume. The weekend bounce is not enough. This momentum needs to carry over to next week.
2. On the weekly scale price is still on a higher low structure. This structure needs to hold to have a chance of a bullish divergence on the RSI.
3. MACD needs to cross over along with price going over the 10 weekly EMA and staying there
4. Stochastics need to stay above 75 level. It can keep crossing around, but as long it stays above 75 level, the upward momentum continues.
5. On the price level, once we get a daily closure above 56,500, it is time to get serious. Above 60k, it is going to be a long signal for me. If price can break above 60k and stay there for a day or 2, rest of the indicators will get reset anyway.
If the momentum to the upside fails, then a test to the weekly 21 EMA is still on the table. A weekly closure below will take it down to weekly 50 EMA. There are some structure and a high value VPVR cluster at around 33k level, which will become a prime target if weekly 21 EMA breaks.
So, at this point I am still waiting for the next move. There is no rush to catch the bottom. Upon confirmation, any entry point will be profitable. Good luck out there.
1. The bounce from the VPVR demand zone cluster needs to be accompanied with some volume. The weekend bounce is not enough. This momentum needs to carry over to next week.
2. On the weekly scale price is still on a higher low structure. This structure needs to hold to have a chance of a bullish divergence on the RSI.
3. MACD needs to cross over along with price going over the 10 weekly EMA and staying there
4. Stochastics need to stay above 75 level. It can keep crossing around, but as long it stays above 75 level, the upward momentum continues.
5. On the price level, once we get a daily closure above 56,500, it is time to get serious. Above 60k, it is going to be a long signal for me. If price can break above 60k and stay there for a day or 2, rest of the indicators will get reset anyway.
If the momentum to the upside fails, then a test to the weekly 21 EMA is still on the table. A weekly closure below will take it down to weekly 50 EMA. There are some structure and a high value VPVR cluster at around 33k level, which will become a prime target if weekly 21 EMA breaks.
So, at this point I am still waiting for the next move. There is no rush to catch the bottom. Upon confirmation, any entry point will be profitable. Good luck out there.
