This is 1 day chart. Look at this chart we can see the RSI has exited from downtrend line, MACD at -1293 is ready to rebound. If the pricing can keep equal or higher 8100 USD more 1 day then we can sure the pricing will move up.
However, is it ready to new bullish onece more?
I don't think so.
Now we have a look at MA50, MA100 and MA200. The pricing is ready to rebound at MA200. MA50 and MA100 have converging tendency, this mean the pricing hasn't finished hard downtrend yet.
When the price rebound, it will touch MA50 before touch MA100 so support level confirmed by MA50 will become hard resistance zone. I found the pricing of this zone nearly 12100 USD.
When reach this zone, the price will down once more to regular support zone at nearly 6500 USD then exit from hard downtrend line.
How to trade bitcoin at this time?
If you did following my previous idea, it's mean you've bought BTC at 6000-6100 USD.
If you didn't, you can wait more 1 day and place a pending order at 8300 USD.
Sell all your BTC when the pricing reach 12000 USD and wait for a new signal. Long term traders can place a pending order at 6800-7000 to buy the dips one again.
However, is it ready to new bullish onece more?
I don't think so.
Now we have a look at MA50, MA100 and MA200. The pricing is ready to rebound at MA200. MA50 and MA100 have converging tendency, this mean the pricing hasn't finished hard downtrend yet.
When the price rebound, it will touch MA50 before touch MA100 so support level confirmed by MA50 will become hard resistance zone. I found the pricing of this zone nearly 12100 USD.
When reach this zone, the price will down once more to regular support zone at nearly 6500 USD then exit from hard downtrend line.
How to trade bitcoin at this time?
If you did following my previous idea, it's mean you've bought BTC at 6000-6100 USD.
If you didn't, you can wait more 1 day and place a pending order at 8300 USD.
Sell all your BTC when the pricing reach 12000 USD and wait for a new signal. Long term traders can place a pending order at 6800-7000 to buy the dips one again.
