Looking at the daily chart , we can see that Bitcoin -4.52% is clearly following the triangle I draw and we are approching to the end. We will know very soon if the bulls or the bears will win the war. At the moment we don't want to be in the market and we are waiting for a break out with big volumes to take a position. In red, blue and purple you can see the heavy resistances we have to break as well to fully be back in a bullish scenario. In black the different supports we have on the way down if the bears push Bitcoin down. We hold this trend line (In purple) since march. We've been touching it several times. We even broke it few times but we never closed a candle under it. And if we break it and if we close a daily candle under, it's gonna be a very Bearish sign. In the other way, we've been touching the resistance log trend line (in Black) 3 times and each times it's been very repulsive and the bears pushed us down. Let see how it will react the next time. Please note that the RSI is in the oversold zone. As I said we are approching and we will know in few days or weeks where we go. Be patient !
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Looking at the four hour, we can see the volume are getting low and bears are loosing momentum. Stoch RSI is in the middle but MACD is about to make a cross. We have a death cross on the EMA 50 and 200. We need to go above this red box that I draw and use it as support as soon as possible otherwise we will retest one more time the LOG trend line in purple. This trend line is been very supportive since 1 year and we don't want to break it and have a daily candle closed under it. The next hours or days are criticals. We need to pay a lot of attention to this purple line.
But what about short term long here. I mean the stoch RSI is oversold and we are at the bottom of the triangle. Wouldn't that mean to go long until we touch the resistance which is a the top of the triangle and lock in profit there? Just an idea...
davidtrading50
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@Razoral, You could play this strategy that's right. Personally I prefer to stay out of the market at the moment. Too much fud in the air and every thing is possible.