Hello investors and traders. As you can see we already had the relief rally to the upside we talked about on the last update and the trade was closed at $9500.
We have also closed today's candle above the 21 day (Moving Average) MA at $9500. Point to note, it is still early and hard to jump to $10000 now. So BTC bulls will now look to consolidate as bitcoin bears take charge keeping the intermediate bear trend. Once bitcoin crosses the 21 day MA and closes TWO DAILY consecutive candles (which it did on May the 22nd) it usually takes a couple of weeks at a minimum before closing another two consecutive dailies on the other side.
Another point worth mentioning is that on the 4-hour chart BTC has already touched oversold conditions on the RSI (Relative Strength Index). But all short entry conditions haven't been fulfilled yet on the 4H chart.
This all actually means that it is wise to GET OUT of longs first and WAIT to see how the next 4H candles close to give us the perfect entry to a short with targets below the 21 day MA. Intermediate term Bearish.
We have also closed today's candle above the 21 day (Moving Average) MA at $9500. Point to note, it is still early and hard to jump to $10000 now. So BTC bulls will now look to consolidate as bitcoin bears take charge keeping the intermediate bear trend. Once bitcoin crosses the 21 day MA and closes TWO DAILY consecutive candles (which it did on May the 22nd) it usually takes a couple of weeks at a minimum before closing another two consecutive dailies on the other side.
Another point worth mentioning is that on the 4-hour chart BTC has already touched oversold conditions on the RSI (Relative Strength Index). But all short entry conditions haven't been fulfilled yet on the 4H chart.
This all actually means that it is wise to GET OUT of longs first and WAIT to see how the next 4H candles close to give us the perfect entry to a short with targets below the 21 day MA. Intermediate term Bearish.