Alright so this is my first post on TA, decided I would share my Bitcoin chart on the daily to provide some potential insight.
What Bitcoin seems to be doing is similar to many other alt coins out there, with a large spike and eventual downfall that comes shortly afterward. This image is similar only larger, representing Bitcoins movements since its ATH in December, to its current price around 7500 now. While many people may be panicking as they see Bitcoin struggle to move past the 10,000 mark, I believe we will see just that in the next week or so, outlined on the chart. There are multiple resistances about the current price, so I will be watching to see how bitcoin and other alts react, but believe we will see a swift reversal to at least the 10,000 mark. I would also watch the RSI, as we can see a hidden bullish divergence forming with the bounce at 6900.
Good luck and happy trading!
*This is for educational purposes only, don't consider this offical trading advice*
What Bitcoin seems to be doing is similar to many other alt coins out there, with a large spike and eventual downfall that comes shortly afterward. This image is similar only larger, representing Bitcoins movements since its ATH in December, to its current price around 7500 now. While many people may be panicking as they see Bitcoin struggle to move past the 10,000 mark, I believe we will see just that in the next week or so, outlined on the chart. There are multiple resistances about the current price, so I will be watching to see how bitcoin and other alts react, but believe we will see a swift reversal to at least the 10,000 mark. I would also watch the RSI, as we can see a hidden bullish divergence forming with the bounce at 6900.
Good luck and happy trading!
*This is for educational purposes only, don't consider this offical trading advice*
Comment:
Meant to say 7250 at the end, below 6900 would be a good indication of this chart breaking down, thanks