Bitcoin - live or die?
Bitcoin bull is trying hard to defend the previous month/week low around 91,000 region. If a daily candle closes below that line, all momentum indicators are likely to enter the bear territory. In that case, I have to accept the probability that the price can come down as low as 73,000 area (Fib 0.618).
But my bias for Bitcoin is still upside so I am going to wait for an entry position to buy more. I will wait for the daily MACD lines and RSI lines to cross and close above the descending trendlines in the bull territory. Horizontal lines are more reliable than ascending/descending trendlines on a price chart, but when I see clear highs and lows in the momentum indicators (4H, daily, and weekly), I draw a trendline and wait for the line to get broken. It often works really well to identify a good entry point.
But my bias for Bitcoin is still upside so I am going to wait for an entry position to buy more. I will wait for the daily MACD lines and RSI lines to cross and close above the descending trendlines in the bull territory. Horizontal lines are more reliable than ascending/descending trendlines on a price chart, but when I see clear highs and lows in the momentum indicators (4H, daily, and weekly), I draw a trendline and wait for the line to get broken. It often works really well to identify a good entry point.
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