ZuluTrade Blog

Bitcoin is trying to recover!

Market View | Wednesday, January 3, 2018 10:55 AM GMT

Hello Traders!

Bitcoin is trying to recover but there are many to be done. Reviewing the daily TF, BTCUSD is trying to reclaim the 21 EMA. There isn’t yet any bearish crossover (5/21 EMA) which is positive for the bulls. If there is a close above 21 or even better 5 EMA, then we may see a bullish continuation tomorrow.


Heading to the H4 TF, BTCUSD is forming a new higher swing as it closed above previous swing high (SW1). In addition, it is verifying the bullish crossover (5/21 EMA) which is a positive indication.


Finally, going to the hourly TF, BTCUSD is trying to violate 200SMA and trendline (TL1) to the upside. If it succeeds then we may have a bullish run targeting $16750 level. In addition, Stochastic (8.3) is oversold which can offer a further upside move. On the other hand, if price closes below the minor swing low (SL1) then we are going to have an intraday selling pressure.


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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