BTC PRICE MOMENTUM ANALYSIS AND PREDICTION
hi, im a firm believer that momentum is an accurate tool to use to analyse and predict price moment and would like ot share my analysis on BTC.
- CURRENT PRICE ANALYSIS
- so initially looking at the RSI, we can see that the RMA is still in the red meaning the price has stronger momentum downward which is evident on the price also.
- secondly ive plotted the RSI support line for the downward channel that the price has been consolidating in and we can see that it did breakout whilst in negative momemtum still which indicates further downward price movement.
- to support the breakout, ive circles in blue where the breakout had occured on the RSI and if we take a look at the RSI MTM indicator, we can see that the RMA crossed the ‘0’ mid point and went from positive to negative. this confirms the breakout downwards.
- all the points above were able to predict ahead of time that there was a high chance that the price would break the strong 31000K support, which it did 5 days after the confirmations.
- FUTURE PRICE MOVEMENT ANALYSIS
- after using momentum indicators for a while ive come to know how its going to move
- so on the RSI MTM, its currently at the oversold point so the price is most likely going to hit some support at 29000k
- we all know that a following a breakout is a retracement to the breakout price. so we can expect that to happen and what will most likely be seen on both indicators is that the RSI MTM will hit the ‘0’ mid point and the RSI will hit the RMA.
- next we can expect the price to bounce off 31000K, the RSI MTM to bounce off ‘0’ mid point, and RSI to bounce off the RMA.
- and to finish i expect this bouce off to fnd support at 27000k.
Can i predict the future? i dont know but i guess we will see. if you like this analysis and would like me to analyse anything else, feel free to let me know and ill try to follow it up. thanks
- CURRENT PRICE ANALYSIS
- so initially looking at the RSI, we can see that the RMA is still in the red meaning the price has stronger momentum downward which is evident on the price also.
- secondly ive plotted the RSI support line for the downward channel that the price has been consolidating in and we can see that it did breakout whilst in negative momemtum still which indicates further downward price movement.
- to support the breakout, ive circles in blue where the breakout had occured on the RSI and if we take a look at the RSI MTM indicator, we can see that the RMA crossed the ‘0’ mid point and went from positive to negative. this confirms the breakout downwards.
- all the points above were able to predict ahead of time that there was a high chance that the price would break the strong 31000K support, which it did 5 days after the confirmations.
- FUTURE PRICE MOVEMENT ANALYSIS
- after using momentum indicators for a while ive come to know how its going to move
- so on the RSI MTM, its currently at the oversold point so the price is most likely going to hit some support at 29000k
- we all know that a following a breakout is a retracement to the breakout price. so we can expect that to happen and what will most likely be seen on both indicators is that the RSI MTM will hit the ‘0’ mid point and the RSI will hit the RMA.
- next we can expect the price to bounce off 31000K, the RSI MTM to bounce off ‘0’ mid point, and RSI to bounce off the RMA.
- and to finish i expect this bouce off to fnd support at 27000k.
Can i predict the future? i dont know but i guess we will see. if you like this analysis and would like me to analyse anything else, feel free to let me know and ill try to follow it up. thanks