Bitcoin Price Analysis, Friday May 8

Bitcoin Price Analysis, Friday May 8

By Hooked2TheChain | hooked2thechain | 8 May 2020


Bullish signs:

  • 3 days of increasing 1D volume
  • Weekly bullish MACD crossover
  • Crossed previous diagonal resistance

Bearish signs:

  • Top of intermediary diagonal channel

In conclusion, now is not a good time to be entering a trade due to lack of confluent factors or good risk to reward ratios.

I'm still holding my long term position which I bought in at 4500 but will be closely watching the 10,500 level.

 

 

Frank aka hooked2thechain

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Hooked2TheChain
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