Hi friends hope you are well and welcome to the market update,
March was bullish than April:
As you can see the month of March was bullish than the recent month of April 2022.
Below are the reports for the short-term long-position trading ideas which I shared in the aforementioned months, and the success rate of these reports will also tell you the same story.
Link for the month of April 2022, report:
Success rate: 42.10%
https://www.patreon.com/posts/64617775
Link for the month of March 2022, report:
Success rate: 82.66%
https://www.patreon.com/posts/63774800
Current situation of the market:
Currently, the situation of the market is still not suitable to enter the market for long-positions especially, short-term long position trades.
In order to enter the market for short-term long-position trades, we need some market stability, especially in Bitcoin price. And for this with support and resistance and different patterns we need to look at some indicators, moving averages, oscillators, and momentums as well. Some of these indicators are as below:
SMAs and EMAs:
On a daily time frame, we need the priceline to cross up at least EMA 21 and SMA 20, but right now we are still below:
Ichimoku cloud:
We need the priceline to cross up at least the baseline of Ichimoku cloud, but the difference is still quite big:
Pivot support:
We are still above pivot support 1, which is at $36500, but we need to be above pivot point to at least close to it, right now pivot point is at $40350.
Oscillators:
We need the relative strength index ( RSI ) above 50 that shows the bulls are in good momentum, but right now it is at 40 .62
The only hope:
On a daily time frame, right now priceline is forming lower lows but the oscillators, RSI and Stochastic are failed in forming more lower lows and they are setting higher lows, which is a bullish divergence and a signal for a price reversal from here, therefore, we cannot short bitcoin here, unless the oscillators move down and form new lower lows.
Conclusion:
Despite the bear trend, we still have a bullish divergence on the charts, however, entering the market for short-term will be not a good decision. But if some one wants to enter the market for long-term then there are still a lot of opportunities.
