This is the monthly chart for BTCUSD (Bitcoin) which shows the bulls in full control.
First, we use EMA10 as a gauge of bullish/bearish potential for any altcoin trading pair.
Above EMA10 for us equals bullish.
Below EMA10 for us equals bearish.
Right now, Bitcoin is trading safely and strongly above EMA10, keeping the potential towards the bulls.
The bullish trend has lost steam, however it cannot be considered a bearish approach yet, as the price is in a deceleration of the trend, not in a clearly defined bearish trend.
My advice is to wait for the price at one of its extremes to observe its behavior, and decide whether to use swing trading or think about a break.
Trade Setup for "Swing Trader" :-
Sell 9692-9780 nearby target as 8874-8838 and 8842 nearby
If you can chance, then
Sell, 10086-10333 nearby for target 8874-8838 and 8842 nearby
The U-turn(at 5th wave) clear on Projection in next month. We'll in down-side trend before the starting next month....
Right Now Its Looks Like BTC Breaking the uptrend line.
Check the Support At 6400
Second Support at 6350
Note: This is only for Educational Purpose this is not an Investment advice.
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