Note: THis is my first time publishing my view to the public. I am very open to comments and opinions.
Longer Term Bitcoin looks to still be bullish, though testing the lower trend support. This can be seen on the red channel.
Short Term looks bearish although there is a retrace that could go further up and based on the MA being tested and Stochastic just crossing this seems likely although I will wait for the MACD cross.
There seems to be a less significant support/resistance area just above the current range. (Blue Line) I see it as less significant because it hasn't been in play for very long.
My current outlook would be to wait and see what if the support is broken and retested for a bearish market. Otherwise if resistance is broken, I would like to see the resistance level broken and tested. Entering now, would give a good value trade as price is at the bottom of the trend, but the risk of a bearish breakout is still high.
Comments welcomed.
Disclaimer: This is my personal opinion and view and in no way market advice or investment advice.
Longer Term Bitcoin looks to still be bullish, though testing the lower trend support. This can be seen on the red channel.
Short Term looks bearish although there is a retrace that could go further up and based on the MA being tested and Stochastic just crossing this seems likely although I will wait for the MACD cross.
There seems to be a less significant support/resistance area just above the current range. (Blue Line) I see it as less significant because it hasn't been in play for very long.
My current outlook would be to wait and see what if the support is broken and retested for a bearish market. Otherwise if resistance is broken, I would like to see the resistance level broken and tested. Entering now, would give a good value trade as price is at the bottom of the trend, but the risk of a bearish breakout is still high.
Comments welcomed.
Disclaimer: This is my personal opinion and view and in no way market advice or investment advice.