tolgi
Short

BTC/USD Heavy resistance for bulls to break through

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello, amateur traders and beginning investors. My analysis of BTC             6.89% should not be used as a setting for purchase or sale. It should rather be used to see the patterns that you might have overlooked and it should or should not help us predict the next move for Bitcoin             6.89% .

From the chart we can see that:

1. Volume dropped compared to a situation few hours ago, when there was a pick "buy" volume . This means that price will struggle to go up until new buyers step in.
2. MACD on most timeframes shows that the prices start to go down and might continue to fall until they reach latest support level .
3. RSI . We are still above RSI MA 20, 50 and 100 but have already touched MA 20 on smaller time frames. Decent will continue for some time.

Based on my basic knowledge of patterns and indicators I can assume we will hit $7,000 within 10 hours if we don't manage to break $8,500 resistant level.

Elliot Impulsive Wave on my chart should indicate for you the movement of price. Correction is already happening and it just depends if bulls fight past $8,500 or bears bring it down to $6,500 - $7,000.

Hope this information will help you to see the picture from a different angle. If it is helpful, please like. Thanks.

Best regards,
Comment: In my point 3 I meant Moving Averages, NOT RSI )))

RSI is neither oversold, nor overbought. Doesn't indicate clearly when to expect rise or fall.
Comment: Both MACD and RSI indicate that bitcoin is in downtrend, it will probably fall until it touches a support zone at $7,100-$7,300. If it falls below next support zone is at $6,300. We need to have price close firmly above 50 Moving Average to have a reversal. We can still grow tall if we break resistance at $8,500 and close above it for a day.

Also note volumes! Red all the way, people are panicking again and selling everything. But we saw it yesterday, and before and before. Price will go up once more people start buying at low levels. Especially financial institutions and big investors.
Thanks for this TA
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tolgi Sessay
@Sessay, You are welcome! I really hope though it is wrong and we go to $20,000 starting tomorrow)
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