Bitcoin : Halving and the perspective of parallelity
Hello all, today is a very special day for bitcoin especially. Because today is the event that take place of every 4 years in the crypto space. This event called the halving. The halving of bitcoin is the event that take place to cut half of the miner's reward. This is however will give both direct and indirect effect for bitcoin's price.
On current chart work, I will try to cover the bitcoin's current condition. Based on current condition, the price is still trending inside the up trend channel. Although the price has already broken down the median line of the channel, but still the lower line which acts as a support trend line hasn't been broken down by the price.
The other thing that is important is at the RSI and MACD on this 4 hours chart. The RSI is trending with a combination pattern of lower high and lower low which leads the RSI to enter the bearish zone which is below the 40 level. Similar with the MACD, the histogram is having a hard time to claim back the positive side which represent that the bear is in control of current structure.
With all of this thing that I found, I prefer to open a short position when the price breaks down of the lower line of the channel. Because with all the oscillator indicator which indicate the bears are still in control, there will be a perfect condition if the price breaks down of the lower line of the channel. The risk will remains low with a high probability of return if the short can be confirmed.
On current chart work, I will try to cover the bitcoin's current condition. Based on current condition, the price is still trending inside the up trend channel. Although the price has already broken down the median line of the channel, but still the lower line which acts as a support trend line hasn't been broken down by the price.
The other thing that is important is at the RSI and MACD on this 4 hours chart. The RSI is trending with a combination pattern of lower high and lower low which leads the RSI to enter the bearish zone which is below the 40 level. Similar with the MACD, the histogram is having a hard time to claim back the positive side which represent that the bear is in control of current structure.
With all of this thing that I found, I prefer to open a short position when the price breaks down of the lower line of the channel. Because with all the oscillator indicator which indicate the bears are still in control, there will be a perfect condition if the price breaks down of the lower line of the channel. The risk will remains low with a high probability of return if the short can be confirmed.
