I've Switched Long
Bitcoin technicals are showing signs of short term bullishness. I switched long on the break of $7360.
We have an uptrend, support on the EMAs and rounded bottoms everywhere.
We also have a close above the 200 EMA on the 4H. We have not held above the 200 EMA since early November, except for a fakekout last week where we held it for about 24 hours.
We have resistance at $7430 which is also a place where day traders may be taking profit at 1:1 from the latest move. This is the level to watch. A break of this would likely start Bitcoin's next move up to $7700 minimum.
Scenario 1 - A retrace to my entry point or even slightly lower seems likely before moving up in the next day or two.
Scenario 2 - We could simply break up in the next few hours if more bulls jump in on this close above the 200 EMA.
Scenario 3 - If we break $7260 I'll be ready to stop out and look for another entry.
We have an uptrend, support on the EMAs and rounded bottoms everywhere.
We also have a close above the 200 EMA on the 4H. We have not held above the 200 EMA since early November, except for a fakekout last week where we held it for about 24 hours.
We have resistance at $7430 which is also a place where day traders may be taking profit at 1:1 from the latest move. This is the level to watch. A break of this would likely start Bitcoin's next move up to $7700 minimum.
Scenario 1 - A retrace to my entry point or even slightly lower seems likely before moving up in the next day or two.
Scenario 2 - We could simply break up in the next few hours if more bulls jump in on this close above the 200 EMA.
Scenario 3 - If we break $7260 I'll be ready to stop out and look for another entry.
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