The price broke the downtrend line and we got confirmation for the trend reversal. MACD gives bullish signal. DMI becomes bullish but for confirmation the power of bulls we should wait when ADX line moves upward. Now there are 2 things which are against the upward movement. The volume is low and RSI is at the overbought zone and it gives bearish signal. We must be careful with any trades. Even the market is at the possible bottom, the price can drop lower. The current levels can be used for opening long positions but if the price breaks 6500.00 support, 6000.00 and 5000.00 levels will be good for adding more volume to the long positions. It’s just a variant how to invest properly and have opportunity to get good profit. If you want to know when we can consider that the market moves in the bullish trend, we have to wait when the price breaks the previous swing high. Now we have the new swing low which is higher than the previous one, and when the price moves above 7500.00 level, the new swing higher high will be formed and the uptrend will be confirmed. Opening long positions don’t forget about stop orders which should be placed below the support levels and swing lows. Profit targets should be at round numbers like 8000.00, 9000.00 and 10000.00 levels. As the market is at the possible bottom, the buy trades can be opened for long term with targets at 12000.00, 15000.00 and 20000.00 levels.
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The price dropped again after the short term upward movement. We should be ready to see a new falling to 6500.00 support. And again this support level will play the key role. If the price bounce, we'll see a new upward movement to 7000.00 - 7500.00 levels. If the price breaks 6500.00, the market will move to 6000.00 support. We should keep an eye for the price action at the important levels and trade based on the exact market conditions.
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The uptrend was confirmed. Now we should wait for the confirmation from the daily time frame.
Let's be honest here. Everything is pretty much returning to pre December levels with a few exceptions in crypto. The banks will not let crypto currency take over without a full out war. Crypto will be Isis and Banker are the Good old USA. This is the same set up as always. We know Isis is a CIA proxy and bitcoin will be held by hedge funds and bankers. They can shake every single hodler lose in the pump and dump cycles. Holding BTC is painful right now. I predict it will continue to fall systematically until its returned to 3k. All social media is highly manipulated and currently is all silent and negative on bitcoin. When "they" want a pump. They will flip some switches and turn on the pro bitcoin phase. They will short bitcoin like Scooby doo stripping the meat off a cartoon chicken leg! Lots of people will get wrecked and hodl for a year or two and capitulate. And the cycle repeats. They know how people think. That is how they control everything.
etiennez0r
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i like your ta and analysis, but i think btc is like gambling rn, few whales plays with the price squeezing longs and shorts every moment, and then laugh about it on twitter
hatoumtrader
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@etiennez0r, Bullish and bearish RSI divergences signals working pretty well on 30m and 1h charts. So it is not gambling. The last fall was pretty predictable.
etiennez0r
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@rdias, yes but the up legs were unpredictable, then a big down leg every one got sqeezed
MrPalmTree
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No, bitcoin hasn't broken out yet. Drawing trend line by connecting two high points of price doesn't work in high volatility market especially in whale-controlled market like Bitcoin. Try connecting the low point of 2018/03/27 4:00 and 2018/03/16 00:00, which is a line affected past price most and you'll see Bitcoin is being resisted by that line. :)
@MrPalmTree, connect those 2 points in 4H UTC chart
DLavrov
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@MrPalmTree, for many months I get messages like this - crypto markets are unique, TA does not work and so on.
I marked the highs which had to be marked. It will be better if you post your variant, please.