Short Term : A confirmation of Descending Triangle
Hello fellas, welcome back to our technical analysis about bitcoin in short term. There are a lot of confirmations that occur in the 4 hours chart and this can be useful for our next bias in the short term.
The first confirmation is the golden pocket support level as I've mentioned in the previous analysis of bitcoin. The golden pocket zone is however become a strong support for current price. Even if the bears give a huge pressure to the down side, But once again this level can hold the price and the price remain stable above this level so far.
The 2nd confirmation is the potential type of descending triangle. Although current support levels at around golden pocket zone is remain strong, but we can't deny that the structure of lower high which makes the bears still in full control of current market.
The 3rd confirmation is that the golden crossover on MACD on 4 hours chart. When it comes to my favorite strategy, I never open a long position at the first attempt of golden cross over. Believe me that it will only fake you out and can easily liquidate your position. we must wait for the divergence to occur and there will be our entry for long position. beside, there is still huge probability of the histogram to form a concave shape as well.
As the price come closer to the APEX, we will see a lot of diminishing in volume and this will indicate lower of volatility but, it will increase the choppiness of the price due to manipulation moves.
The first confirmation is the golden pocket support level as I've mentioned in the previous analysis of bitcoin. The golden pocket zone is however become a strong support for current price. Even if the bears give a huge pressure to the down side, But once again this level can hold the price and the price remain stable above this level so far.
The 2nd confirmation is the potential type of descending triangle. Although current support levels at around golden pocket zone is remain strong, but we can't deny that the structure of lower high which makes the bears still in full control of current market.
The 3rd confirmation is that the golden crossover on MACD on 4 hours chart. When it comes to my favorite strategy, I never open a long position at the first attempt of golden cross over. Believe me that it will only fake you out and can easily liquidate your position. we must wait for the divergence to occur and there will be our entry for long position. beside, there is still huge probability of the histogram to form a concave shape as well.
As the price come closer to the APEX, we will see a lot of diminishing in volume and this will indicate lower of volatility but, it will increase the choppiness of the price due to manipulation moves.
