BTC - Critical Point
Watch BTC. A good entry may be at the door step. There is a lot of technical's intersecting at this moment.
BTC has sold off for 4 days (arguably 5) on increasing Kucoin exchange volume. RSI is oversold and above 50.
It sits at the rising channel lower bound which corresponds with the 200 DMA.
Volume has been above average during the latest retracement, however, price has held up fairly well.
The 1 hr chart is breaking out of the latest descending channel and the ema ribbon is beginning to flip. I'll add to my BTC position if the 1 hr closes above the channel. I'll watch to see if the ema ribbon crosses, at which point I'll add again. This is a short term trade. I'm hoping to take it back to 48k where I'll reevaluate.
BTC has sold off for 4 days (arguably 5) on increasing Kucoin exchange volume. RSI is oversold and above 50.
It sits at the rising channel lower bound which corresponds with the 200 DMA.
Volume has been above average during the latest retracement, however, price has held up fairly well.
The 1 hr chart is breaking out of the latest descending channel and the ema ribbon is beginning to flip. I'll add to my BTC position if the 1 hr closes above the channel. I'll watch to see if the ema ribbon crosses, at which point I'll add again. This is a short term trade. I'm hoping to take it back to 48k where I'll reevaluate.
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