How's everyone doing? I have a good analysis here after Bitcoin latest volatility pickup after CPI data comes out worse than expected. This happened A month or two ago where bad CPI data came out but bulls bought the dip and rejected the downside move (manipulation?). Anyways this analysis points out not to get too bullish here although the daily candle looked great yesterday and we probably will see a little bounce because of that but BTCUSD has a lot of resistance up ahead on higher timeframes.
There is 3 levels on the charts which are all 0.786 retracement levels with different tops. I expect the middle one to be a critical level based off of the Daily MACD. There will likely be a big pickup in volume here if BTC bounces up to this level (21,800)
Also notice the Daily Bollinger Bands tight indicating a big move is coming. Remember this is a Daily chart so it can longer to play out.
Looking at the MACD, We can see BTC is climbing but still below the "0" level leaving room for a possible bull trap in the near future HOWEVER, with that being said, the MACD IS ALSO in a spot where if it goes just a little higher than the bull trap area I'd expect a big pickup in buying volume and likely price as well.
I do personally believe a new low is likely to come but we may see a bounce/trap first. Maybe within 2 weeks or a month... well see how long things take to play out.
Other than that the chart is pretty much self explanatory. If you guys like it please like, follow, share & feel free to comment if you like.
There is 3 levels on the charts which are all 0.786 retracement levels with different tops. I expect the middle one to be a critical level based off of the Daily MACD. There will likely be a big pickup in volume here if BTC bounces up to this level (21,800)
Also notice the Daily Bollinger Bands tight indicating a big move is coming. Remember this is a Daily chart so it can longer to play out.
Looking at the MACD, We can see BTC is climbing but still below the "0" level leaving room for a possible bull trap in the near future HOWEVER, with that being said, the MACD IS ALSO in a spot where if it goes just a little higher than the bull trap area I'd expect a big pickup in buying volume and likely price as well.
I do personally believe a new low is likely to come but we may see a bounce/trap first. Maybe within 2 weeks or a month... well see how long things take to play out.
Other than that the chart is pretty much self explanatory. If you guys like it please like, follow, share & feel free to comment if you like.
Comment:
This chart is still in play. The green support and the ORANGE 0.786 level are still critical levels.
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