Bitcoin : RSI concern, Bull trap of trend line and MACD
Hello fellas, welcome back to the analysis about bitcoin. Once again it's very important that we can see the price of bitcoin can touch the $9000 region as a strong resistance based on daily view. But, here I want to look at all possibility that can occur in the market, especially to look at the bigger time frame where we can find out about the major trend which is happening right now.
From the perspective of the weekly chart, we have seen a lower low comparing the ATH in 2017 and the top of 2019. That's why I draw the gray resistance trend line. It's like a zone or range simply because I want to anticipate the bull trap region. And from this perspective, we can see that the price is coming closer to the resistance trend line which has the alignment with the 38.2 fib retracement level.
From the RSI perspective, we can see pink region here, this pink region is the area of shifting from bullish to bearish or bearish to bullish. Every time the RSI breaks out to the upside of this range, it gets bullish and every time the RSI breaks to the lower line, it gets bearish. This time, it tries to break out of the upper line as resistance.
The MACD however still moves in the negative side, although we can see that the histogram is ticking up comparing to the previous weeks. This means the bulls is starting to gain momentum although in overall the bears is taking control. Histogram ticks up to the positive side will be bullish but if Histogram forms a lower low, Bearish.
So far, I'll see what's going on on the daily candle closure to make sure about the next bias. Stay tune.
From the perspective of the weekly chart, we have seen a lower low comparing the ATH in 2017 and the top of 2019. That's why I draw the gray resistance trend line. It's like a zone or range simply because I want to anticipate the bull trap region. And from this perspective, we can see that the price is coming closer to the resistance trend line which has the alignment with the 38.2 fib retracement level.
From the RSI perspective, we can see pink region here, this pink region is the area of shifting from bullish to bearish or bearish to bullish. Every time the RSI breaks out to the upside of this range, it gets bullish and every time the RSI breaks to the lower line, it gets bearish. This time, it tries to break out of the upper line as resistance.
The MACD however still moves in the negative side, although we can see that the histogram is ticking up comparing to the previous weeks. This means the bulls is starting to gain momentum although in overall the bears is taking control. Histogram ticks up to the positive side will be bullish but if Histogram forms a lower low, Bearish.
So far, I'll see what's going on on the daily candle closure to make sure about the next bias. Stay tune.
