I entered with a small position at 6900 and hope this formation plays out. If it doesn't, I put a stop loss at 6400.
Good Buy (yellow arrow)
1h about to cross and signal an uptrend
Hourly 50MA (cyan blue) nicely supporting movement.
Nice curve, may form a cup?
Hourly 200MA (purple) is forming resistance 1, waiting to be broken?
Bear Market. Unpredictable BTC movement
Prediction, no confirmation yet.
Daily 50MA still in a downtrend
Uptrend Confirmations (green arrow)
Break through resistance line 2 and staying above for a good period
Clear upward movement on 50MA
Clear breakout above 7500 and/or 200MA
Golden cross between 50MA and 200MA
Downtrend Continuation (red arrow)
Failure to break 200MA (purple)
Broke through 50MA and move downward
Failure to confirm uptrend on and move downward
Keep in mind, we are still in a ALT market!! :D
Short term target - 8000
Very tight stop-loss. If it breaks through 6500, my stop loss is at 6400.
Good luck and do your own research! :)
My last update on this chart. Strong STRONG support at 5500. If you bought anywhere between 5500-6000, you're getting it at very cheap prices for mid-long term. :)