Hi traders!
Couple of days ago I posted bearish scenario. Time for bullish outlook for coming weeks ahead.
After huge momentum to the upside we actually closed above the trendline which held well over 3 months. Now a re-test of weekly supply is very likely. Watch for that weekly close, do not rush into trades. Better to enter later once we get confirmation. :)
Pay attention to the volume and where we bounced of. We have 89 Weekly EMA. It is the most significant moving average in bitcoin.
If you take all history that's there and analyze the data, you'll agree with me on this.
After analyzing the data, taking into consideration time - I'm more bullish than bearish as of right now.
Some points to support my bullish bias:
*In macro terms we are in wave V and 5th wave is the most verticle in crypto space.
*0.618 fib was met with precision and we bounced hard from that level. We might not get lower than $7200.
So our long entries should be located anywhere between $8600 & $8400. (Again, manage the risk according to your trading philosophy, less risky - wait for that weekly close and see what's next.)
TP - $12240
SL - $7940
This is not a financial advise!
Couple of days ago I posted bearish scenario. Time for bullish outlook for coming weeks ahead.
After huge momentum to the upside we actually closed above the trendline which held well over 3 months. Now a re-test of weekly supply is very likely. Watch for that weekly close, do not rush into trades. Better to enter later once we get confirmation. :)
Pay attention to the volume and where we bounced of. We have 89 Weekly EMA. It is the most significant moving average in bitcoin.
If you take all history that's there and analyze the data, you'll agree with me on this.
After analyzing the data, taking into consideration time - I'm more bullish than bearish as of right now.
Some points to support my bullish bias:
*In macro terms we are in wave V and 5th wave is the most verticle in crypto space.
*0.618 fib was met with precision and we bounced hard from that level. We might not get lower than $7200.
So our long entries should be located anywhere between $8600 & $8400. (Again, manage the risk according to your trading philosophy, less risky - wait for that weekly close and see what's next.)
TP - $12240
SL - $7940
This is not a financial advise!
