Is it the time to buy as we are observing the second strong bullish candle on the market?
It happened before that we had several times strong bullish signals but the market still could not develop a strong uptrend. Though, this price movement marks a new effort towards this and these levels can be a new starting point for a new bullish trend in the long run.
Let’s take a look at some bullish signals which we are having now and think about possible entry levels.
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1. Considering the SMA100 as a signals’ line for long term trend, if the price breaks it too, we’ll have a signal confirming the trend reversal and bullish market.
2. The MACD and RSI are bullish and confirm the upward movement.
3. The price gave the a trend reversal signal when we got a bullish divergence .
4. When the price broke the downtrend line, the trend reversal was confirmed.
5. An inverse Head&Shoulders reversal chart pattern was confirmed and it gives us additional signal confirming further upward movement.
These signals confirm that the market is going to move upward. Whether it will be able to maintain this upward movement and turn into a stable uptrend in the long run or not still remains to be seen.
According to the daily chart, there can be a breakout above the SMA100 or above the $8000 resistance. Also it will be possible to search for better entry level on lower time frames and join to the upward movement after a short term retracement on the daily chart .
The price action in the resistance zone between the SMA100 and the $8000 level will show us the strength of the bulls.