Market

Very important close for Bitcoin!!! for COINBASE:BTCUSD by JacobR905

As i talked about a couple times recently this hidden bullish divergence has really played out perfectly with us starting to see some upside momentum with us taking out 2 key resistances with ease! We are currently struggling to get up and above the midline coming from the bollinger bands but we are very close to doing so! I think there is definitely a chance we see a strong push before close tonight hopefully able to regain that midline and turn it back into support, we are still quite a ways away from daily close ( 8PM EST) and if we manage to climb above we are looking very bullish , and don’t get me wrong either way we are looking very bullish! We are facing multiple resistance spots in the 48K area but with some strong momentum we should be able to cut right through, probably not today but in the coming days so lets just focus on the midline of the bollinger bands for now! Now the MACD looks very exciting to me and looks very healthy, we have had 2 periods of bearish momentum (red) and we are finally coming to what looks like a reversal, we are continuously decreasing in red bars on the histogram and thats exactly what we want too see, it means the bearish momentum is trickling away. Now i really really doubt this would happen but have to say it so everyone is aware, there is always a chance no matter how slight that we see a fakeout bullish cross and continue for another bearish cycle, but i really doubt that and if i was a betting man i would say its not going to happen! But what we need to see is of course a bullish cross which looks like its coming soon but aswell as separation in the MA’s, we want to see almost right off the bat an explosive bullish cross with the blue MA on top and starting to separate from the orange, and keep in mind the bigger the spread the more momentum and less chance of a near sight bearish cross or reversal. Also like we have talked about many times, don’t overlook the histogram it tells you much more than you may think, we want to see everyday increasing green bars, doesn’t even have to be a huge increase just a slight one works too, this shows growing momentum in the current cycle and how much strength the bulls have, once we start to see bars flatten out and then start to decrease we can expect a chance at a reversal once the bars return to the midline of the histogram. But also like i just said just because they are shrinking and coming back towards that midline there is always a chance we see a fakeout and then a return to the current trend we we’re just in. Overall i think we have lots of upside potential here with lots of space to move up, especially because first of all we haven’t even seen a bullish cross yet and we are already moving to the upside and also because the stoch RSI is pretty close to the bottom still with us just now starting to see that bullish crossover, we are just making our way out of the oversold zone! NFA just my opinion!
Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button