Bitcoin Trading Update for April 30th, 2019

May 3, 2019 --- Blog

Bitcoin Trading Update for April 30th, 2019

6-Hour Chart

We'll take one more look at the 6-hour chart this week where we can see that the continuation of the rally over the past 24 hours has kept SCMR signals bright green and market structure favorable while dynamic support continues to actively build at 5271 $, all good signs for the bulls moving forward, as is the fact that all of the moving averages are once again moving to the upside. Also note that the Ichimoku Cloud remains bullish and supportive which should help the bulls as well over the coming days, however the OTE short zone and lower supply area are already given price some trouble thus sparking a bearish candle formation which is concerning over the near-term

Regarding short-term momentum and volume, notice that Willy is getting close to joining the Stochastic in overbought territory, RSI is getting close to overbought as well and is currently showing a bearish divergence, MACD is struggling to stay above its zeroline, and PPO is about to start flashing weak sell signals, all of which points to the need for a recharge in the not too distant future. On the other hand, exchange volumes are slowly becoming more bullish and the A/D line remains very strong, all while the volume profile setup continues to improve around current levels, so even if there is a pullback soon we think there's a good chance that the bulls defend 5000

 

Very Short term Members ProTrade - We will consider another small LONG position on a move down to the x,xxx - x,xxx $ area with a stop just below x,000 $ and a target of x,000 $.

Short term Members ProTrade - A)

We will consider another small LONG position on a move down to the x,xxx - x,xxx $ area with a stop just below x,000 $ and a target of x,000 $.

Short term Members ProTrade - B)

We will consider a small LONG position on a move back down to the x,xxx - x,xxx $ area with a stop just below x,000 $ and a target of x,000 $.

Medium term Members ProTrade - We will consider another small LONG position on a move down to the x,xxx - x,xxx $ area with a stop just below x,000 $ and a target of x,000 $..

Long term Members ProTrade - We will consider another small LONG position on a move down to the x,xxx - x,xxx $ area with a stop just below x,000 $ and a target of x,000 $.

 

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