Three potential setups: 1. Short-term shorting: - Around 8k zone (horizontal & 55EMA resistance) if reached - Confirmations: RSI & MACD bearish divergences at smaller time frames; RSI hidden bearish divergence at the daily time frame (price lower high; RSI higher high) 2. Trade inside the channel (Trade 1): - 6.2k zone (support developed in late 2018) - Confirmations: RSI & MACD bullish divergences at the daily time frame 3. Trade the channel breakout (Trade 2): - 8k zone break out then hold - RSI holding above MAs - MACD/histogram curving upwards
Most cryptos are now close to their long term supports. The end of any bear markets happens when the price is steadily declining and when bad news is everywhere.
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@Boon2, thanks for sharing. Our c of b wave target is slightly lower than yours, but totally agree we could see a small upward move very soon.
Anpu
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Great Idea!
This is my analysis on BTC. Here I explain how to catch the Reversal of a trend in time. Also I give a clue on where the new potential bottom will be formed. There is a great chance it will form lower than $6.200-6.700 zone which is a strong support. All the details inside.
Please give your opinion on this