Regular Bullish divergence found on bitcoin. it is time to buy?
Hi, crypto lover guys hope all you are well and so is i. this is my first analysis on bitcoin cryptocyrrency. i will give you price action and indicator based analysis what has been tested for long time and its success rate is awesome. so lets start, in the picture below we can see a bearish movement prevails, so it is very tough to buy bitcoin at bottom. But don't worry gays, i am going to show you a divergence trading strategy that work's well on all market condition very nicely .it's called regular bullish divergence .
as we can see in the chart price has made 1st lower low (LL) and 2nd lower low (LL) but MACD'S ( A leading trend indicator ) histogram has made lower low and lower high. And its' a potential sign that bears have been weak and they stepping back and bulls are emerging in the market. At the same time price has got a major support at 8505.00 with a pin bar formation. not only this R.S.i a leading indicator shows oversold condition( means potential buy) .
so what could be the potential scenario of bitcoin buying or selling?
if price can break price at 9750.74 with a strong bullish candlestick it might go next major resistance at 11645.30 and then price may retrace at 10000.00 what is a psychological support and then pushing forward to 14400.00 another major resistance creating an uptrend in h4 time frame.
so, will we buy now? answer - not at this moment. only breaking resistance at 9750.74 with a strong bullish candlestick will ensure us to place a buy order.
at this moment we need a strong bullish candle presence above price at 9750.74.
please note it that it is my own analysis on bitcoin and i will not be liable for any kind of losses for this analysis . so take entry at your own risk . if you like this analysis make comment , up voting and following as well .
Nice post. I would edit your 5th sentence that starts with 'But don't worry' :)
do you have any views on it. lets discuss
I'm keeping some cash on the sidelines. There is analysis out there that has the bitcoin bottom from anywhere at $8k all the way down to $5.6k.
Congratulations @anisurrahman23! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPReplyed , Resteemed , Followed and Upvoted by : Clickbaster , stay tuned for more