Bitcoin is climbing like crazy to the upside with most traders trying both to get involved in buying opportunities and figure out where this rally may end or at least take a break. Using median line analysis I ve highlighted a potential zone from 4000 to 4150 where price will reach the upper parallel of an active upsloping median line set. Looking left we may see that the upper parallel in addition to a sliding parallel have acted as strong resistance.
Switching to the 240min chart we see that although price is climbing, it's moving up into sideways. Already we have a bearish divergence with the MACD and in case price continues moving up in such way the divergenve will be a massive one. If price reaches the upper parallel and the divergence is present we better start watching fto the opposite side.
Till then watch for retracements and based on your strategy buy the Bitcoin.
240min chart:
Switching to the 240min chart we see that although price is climbing, it's moving up into sideways. Already we have a bearish divergence with the MACD and in case price continues moving up in such way the divergenve will be a massive one. If price reaches the upper parallel and the divergence is present we better start watching fto the opposite side.
Till then watch for retracements and based on your strategy buy the Bitcoin.
240min chart:
Trade fermée: cible de profit atteinte:
Price reached the upper parallel of the median line as predicted. We already see a good rejection at current level. As I described in my initial chart I am waiting a reversal either into a sharp move or into a correction. In either case any short term sell setup would be a nice opportunitu.
