Bitcoin Monthly Close - what do we have
Bitcoin is once again, sandwiched between the upper 50 EMA ( RED) and the Lower 100 EMA ( Blue) but the difference this time is that "Indecision candle" - Neither The Bulls nor the Bears are winning there right now and while pressed up against the resistance of the 50 EMA, the options could be limited BUT, as it goes, they are looking ok
Last time we had a similar candle was in August 2020 and the next month posted a small red candle and then went on to post a New ATH and we may well do a similar thing aagin
The Monthly MACD has begun turning Bullish now and is far enough below 0 to be called oversold
Montly RSI has already bounced off Very Oversold but is still below 0. Plenty of room for more upside
The StochRSI, the shorter term version, is already Bullish and pushing higher.
This all points towards a continued push higher
Weekly MACD is Bullish and below 0 but RSI has risen above 0 but is not high so good for upside though the StochRSI is overbought and has ranged for a while.
this points towards a slower rise or range OR, worse case, a dip to cool off
Dailt MACD is still berish but near 0 and RSI has already bounced off 0 but seems to be waiting for MACD to join it - The StochRSI is Very oversold
So, in conclusion, we may well see PA continue in this Range and create a small red candle next month but then, we will be all set
Alternatively, we could see PA move earlier and try to break above that 50EMA and use it as support
PA is Still above the 2017 ATH line
All in All, Looking GOOD but lets see what the FED does on 22 March - It is the DXY support group after all
There is always the possibility of a drop back to Lower support beneath the 2017 ATH line should fundimentals present themselves.
ALWAYS trade with a plan for Both Bullish and Bearish
Last time we had a similar candle was in August 2020 and the next month posted a small red candle and then went on to post a New ATH and we may well do a similar thing aagin
The Monthly MACD has begun turning Bullish now and is far enough below 0 to be called oversold
Montly RSI has already bounced off Very Oversold but is still below 0. Plenty of room for more upside
The StochRSI, the shorter term version, is already Bullish and pushing higher.
This all points towards a continued push higher
Weekly MACD is Bullish and below 0 but RSI has risen above 0 but is not high so good for upside though the StochRSI is overbought and has ranged for a while.
this points towards a slower rise or range OR, worse case, a dip to cool off
Dailt MACD is still berish but near 0 and RSI has already bounced off 0 but seems to be waiting for MACD to join it - The StochRSI is Very oversold
So, in conclusion, we may well see PA continue in this Range and create a small red candle next month but then, we will be all set
Alternatively, we could see PA move earlier and try to break above that 50EMA and use it as support
PA is Still above the 2017 ATH line
All in All, Looking GOOD but lets see what the FED does on 22 March - It is the DXY support group after all
There is always the possibility of a drop back to Lower support beneath the 2017 ATH line should fundimentals present themselves.
ALWAYS trade with a plan for Both Bullish and Bearish
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