BITCOIN BROKE THE TIGHTENING BEARISH MOMENTUM WHAT'S NEXT?
HELLO TRADERS.
As you already know those who followed my previous post about Bitcoin remember that I said if it breaks 63440 to the upside a Bullish trend might start, well thanks to the news events here it is.
On 4HR chart given in this one you can see price has broken the bearish trendline along with 1st Daily Horizontal Support that I marked and is being headed for the second one, my big idea about this breakout is let's wait for a nice sweet time consolidation on 4HR after that breakout or retest of the 1st Horizontal Support when one of these things happens and we see another breakout to the upside then we trade bullish momentum until it reaches weekly supply zone or worse a reversal happens
As you already know those who followed my previous post about Bitcoin remember that I said if it breaks 63440 to the upside a Bullish trend might start, well thanks to the news events here it is.
On 4HR chart given in this one you can see price has broken the bearish trendline along with 1st Daily Horizontal Support that I marked and is being headed for the second one, my big idea about this breakout is let's wait for a nice sweet time consolidation on 4HR after that breakout or retest of the 1st Horizontal Support when one of these things happens and we see another breakout to the upside then we trade bullish momentum until it reaches weekly supply zone or worse a reversal happens
Comment:
So, after that breakout from the 1st Horizontal Resistance now it's been turned to support and if you apply RSI on 15 min chart and change settings to 4HR then you will see a little overbought area with slightly above 72+ reading and corresponding to that price is taking time and consolidating too on 15 min. With 99 EMA being the closest support. So, I would say that wait for price to come to 99 EMA (I am choosing this EMA because if you zoom out chart you will see that whenever price has moved it respected it the most and movements were pretty smooth) and let it bounce of with solid momentum and then initiate a long targeting 2nd Horizontal Resistance Zone and trail your trade with 5 EMA on 15 min while taking re-entries too if needed.