Dont think a wrong idea about this title and please do take this as a grain of salt. Please, also dont think about this post a 'rant' as i felt left out by not buying the previous price dip as the fact that i already did accumulated BTC around january 2019 if the price did rally upward to the moon and i dont mind it as my BTC will be a rising in value over long term.
I do love the the rally for BTC/USD as it's will affecting most cryptocurrency in future price. I'm sure anyone to see the price rising for any crypto we hold or we believe in - except for short trader and tethered crypto - .
First of all. let see overall BTC/USD chart.
Now i draw important point support/resistance from the past history of of bitcoin. May not be accurate but you will get my point.
*red dot = resistance being tested
* green dot = support being tested
BTC chart at 2013
BTC chart at 2013-2016
BTC chart at 2017-present
There's upcoming resistance being tested in future before start upward into moon. With a high probability it's going to be hard to break around 6k-7k level without any single retracement to form a higher low.
There's many sign of bullish pattern such as descending triangle already executed, MACD begin to switch into buyer momentum for a short time rally.
www.tradingview.com/chart/l2eQSpR3/
If the rally keep continue. it would be great if accompany with a massive volume that higher from previous highest volume level. in order to avoid divergence between price action and the indicator as it's a sign for trend switch into bearish or bullish, in this present case, could switch into bearish trend.
RSI is being tightening with a continuation trend line and level 70 within RSI, momentum into upside movement become limited and higher change for each rally in price create a divergence or overbought territory(above 70) which prone into a retracement or slow upward movement if the rally keep continue.
[
This recent Indicator must be familiar to you as this weekly Stochastic RSI already in the rooftop. i know it's not a main concern for a while but i do fear the afterward effect here's recent stochastic level on the weekly.
in the end, i didnt know how the future price action will be, It can be just rise up higher and with high probability a devastating fall/retracement will followed soon.. i just provide information that being as a main concern for me if the rally didnt pause or atleast retrace to find a higher low in price action for a sustainable rally toward to moon.
Expect alot volatility when price approaching the 6k-7k level.
please feel free to share your thought and i love to hear a feedback about this topic as i'm still beginner.
peace..
I do love the the rally for BTC/USD as it's will affecting most cryptocurrency in future price. I'm sure anyone to see the price rising for any crypto we hold or we believe in - except for short trader and tethered crypto - .
First of all. let see overall BTC/USD chart.
Now i draw important point support/resistance from the past history of of bitcoin. May not be accurate but you will get my point.
*red dot = resistance being tested
* green dot = support being tested
BTC chart at 2013
BTC chart at 2013-2016
BTC chart at 2017-present
There's upcoming resistance being tested in future before start upward into moon. With a high probability it's going to be hard to break around 6k-7k level without any single retracement to form a higher low.
There's many sign of bullish pattern such as descending triangle already executed, MACD begin to switch into buyer momentum for a short time rally.
www.tradingview.com/chart/l2eQSpR3/
If the rally keep continue. it would be great if accompany with a massive volume that higher from previous highest volume level. in order to avoid divergence between price action and the indicator as it's a sign for trend switch into bearish or bullish, in this present case, could switch into bearish trend.
RSI is being tightening with a continuation trend line and level 70 within RSI, momentum into upside movement become limited and higher change for each rally in price create a divergence or overbought territory(above 70) which prone into a retracement or slow upward movement if the rally keep continue.
[
This recent Indicator must be familiar to you as this weekly Stochastic RSI already in the rooftop. i know it's not a main concern for a while but i do fear the afterward effect here's recent stochastic level on the weekly.
in the end, i didnt know how the future price action will be, It can be just rise up higher and with high probability a devastating fall/retracement will followed soon.. i just provide information that being as a main concern for me if the rally didnt pause or atleast retrace to find a higher low in price action for a sustainable rally toward to moon.
Expect alot volatility when price approaching the 6k-7k level.
please feel free to share your thought and i love to hear a feedback about this topic as i'm still beginner.
peace..
RSI indicator tightening :
Macd start switching into buyer momentum: