Bitcoin seems very bullish today especially if the 1 day candle will close with a big green candle and small wicks.
1. We can see that the bitcoin price breaks out from its falling wedge in 4 hour timeframe. (Some will see the pattern as a descending triangle.)
2. The price crosses upward in the 200 SMA in the 1 hour timeframe. As long as it stays there, we are bullish.
3. DMI looks very bullish but we can see small pullbacks later on this day. As long as the ADX has positive slope its fine and the ADX has not been on above 50 level yet.
I'm looking forward for reversal of the bitcoin price but we still need more confirmation. I'm looking to hold my trade for a long time.
1. We can see that the bitcoin price breaks out from its falling wedge in 4 hour timeframe. (Some will see the pattern as a descending triangle.)
2. The price crosses upward in the 200 SMA in the 1 hour timeframe. As long as it stays there, we are bullish.
3. DMI looks very bullish but we can see small pullbacks later on this day. As long as the ADX has positive slope its fine and the ADX has not been on above 50 level yet.
I'm looking forward for reversal of the bitcoin price but we still need more confirmation. I'm looking to hold my trade for a long time.
