Decision Time for BTC
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We are right at the next resistence.
There is horizontal resistence and trend line resistence here. On the daily the RSI is at the same level as the last rally end of april (24th April).
The 4h does not look good, we have a higher price but the RSI is lower than after the pump (17th July).
If we are able to consolidate here this would be very bullish.
For now the indicators are telling me bearish signals.
Does not matter what happen make a plan and be prepared for both scenarios.
Trade wisely.
There is horizontal resistence and trend line resistence here. On the daily the RSI is at the same level as the last rally end of april (24th April).
The 4h does not look good, we have a higher price but the RSI is lower than after the pump (17th July).
If we are able to consolidate here this would be very bullish.
For now the indicators are telling me bearish signals.
Does not matter what happen make a plan and be prepared for both scenarios.
Trade wisely.
Note
Since Dezember last year, the RSI on the daily chart, was not able to climb above 70. For me this is a very bullish sign for Bitcoin.What concerns me is that Bitcoin is overbought on the daily for now, so it is hard to say when it goes up again.
Note
This was a very bullish breakout.Good that it is consolidating now. This makes room for a new BUY setup. Never FOMO buy into big spikes.
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