Hello all, here it is again the chart work of bitcoin. Bitcoin has shown us some source of bounce since it touched the lower line of the yellow up trend channel which makes my previous plan of waiting the breaks down of the lower line of this channel invalid again. So, here is current condition that I see from current structure of the price.
Looking at the daily chart, we can see some important moves that occur in the market with current structure. The first thing that we realize is that the price has breached the white resistance trend line which is the major resistance for middle term.
The 2nd thing that is worth to see is that the RSI in the daily chart is entering above 60 level which is the zone of shifting from neutral to bullish. If this action can hold and the RSI can stay above this zone, I'll expect upward moves toward the next resistance of $10500 or even higher.
The criteria to enter long is below :
1. The price can breaches the median line of the yellow channel
2. MACD histogram can claim the positive side
3. A series of higher high and higher low occurs in the lower time frame. (I'd like to see the 1 hour chart and/or below)
I will suggest you to wait at current market structure.
Looking at the daily chart, we can see some important moves that occur in the market with current structure. The first thing that we realize is that the price has breached the white resistance trend line which is the major resistance for middle term.
The 2nd thing that is worth to see is that the RSI in the daily chart is entering above 60 level which is the zone of shifting from neutral to bullish. If this action can hold and the RSI can stay above this zone, I'll expect upward moves toward the next resistance of $10500 or even higher.
The criteria to enter long is below :
1. The price can breaches the median line of the yellow channel
2. MACD histogram can claim the positive side
3. A series of higher high and higher low occurs in the lower time frame. (I'd like to see the 1 hour chart and/or below)
I will suggest you to wait at current market structure.
