Will Bitcoin finally break 194 day RSI resistance?
Hello.
This is just marking some bullish signs of the chart.
We did go dip under 30k and even closed there on daily chart but there wasn't selling volume. Some people got shaken out, but the Smart Money opened their longs there with great risk/reward ratio.
Bulls:
-7th try to break the RSI resistance, which is alot! Usually the fifth or sixth time is enough what I have seen.
-If we do and close above it clearly it could give us another pretty good leg up thinking that we have been 194 days under that (there's some pressure). I'll add picture of the weekly chart
-There was some buying volume on the possible "bottom"
However.. There are resistances we need to break before we can move higher:
-25 EMA (yellow, where we are now) which has clearly worked as resistance before
-Lowering triangle
-And usually the hardest 200 EMA (red one)
This is just marking some bullish signs of the chart.
We did go dip under 30k and even closed there on daily chart but there wasn't selling volume. Some people got shaken out, but the Smart Money opened their longs there with great risk/reward ratio.
Bulls:
-7th try to break the RSI resistance, which is alot! Usually the fifth or sixth time is enough what I have seen.
-If we do and close above it clearly it could give us another pretty good leg up thinking that we have been 194 days under that (there's some pressure). I'll add picture of the weekly chart
-There was some buying volume on the possible "bottom"
However.. There are resistances we need to break before we can move higher:
-25 EMA (yellow, where we are now) which has clearly worked as resistance before
-Lowering triangle
-And usually the hardest 200 EMA (red one)
Comment:
-There we can see some buying volume, I would like to see more of that so we can see that bulls would be in the "lead" atleast for the short term
-The weekly candle would be pretty good if we would get a close like this but there is still half of the week so be patience