Bitcoin price is starting to look interesting for a long trade opportunity.
Currently Bitcoin is in the range bound between 75,000 approx and 89,500 aprox (blue rectangular box in the chart).
EMA 200 is horizontally running through in the middle of the range and EMA 21, 55 and 200 are starting to get bunched up together. I really like this set up because when this happens, it is often followed by a strong directional move. All you need for now is patience, which is the hardest thing to do.
I will open a long position if the following conditions are met:
1) Daily MACD and RSI will move into the bull zone and they are clearly pointing to the upside.
2)The price will move and close above the descending trendline.
3) EMAs are going to start to spread out and line up properly (EMA 21>55>200 for long)
For whatever reasons, if I feel I need to be more cautious, I might wait for the price to move and close above 93,000 (above orange rectangular box area) because it is a high liquidity area and I think a lot of price manipulation might happen.