ZuluTrade Blog

Bitcoin: Every new week means new all-time high!

Market View | Monday, December 18, 2017 8:59 AM GMT

Bitcoin is still unstoppable. Every new week, BTCUSD records new all-time high! During the week, we may have a consolidation, a slight correction or we may not. The market sentiment is boosting BTCUSD even more to the upside. The biggest derivative exchanges are introducing BTCUSD futures in their platforms. This engages more and more Investors’ interest and they want to participate in the BTCUSD’s rally.

Reviewing the H4 TF, Bitcoin is consolidating within a big price range ($17650 - $19100). RSI (14) is flirting with 70 level and is staying bullish, as it is moving above 60 level. In addition, traders should watch MACD too because it's forming a negative divergence too.


Heading to the hourly TF, Bitcoin is forming a rising wedge within the range. The intraday bias is strongly bullish as 5 EMA is above 21 EMA. There is no clear buy or sell setup. According to the current bias, any setbacks can be considered as buying trade setups.


Always review your own analysis, if there is a confluence between this and your own strategy, then you may have even better trading setups.


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