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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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.
Please follow us and give us a thumbs up if you like our ideas!
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