Hey, I am back after a week, I was on vacation in during those days I didnt really felt like making a TA, especially not on a vacation by the sea, hope you were having good time as well!
Its good to be back, and welcome you to one of my another Constantly Updated Bitcoin TA, where I keep a watch on BTC movement and try to explain why that or that happened and what can happen in near future!
So it looks like Bitcoin has failed breaking the 8200-8300 area, daily MACD was on a decision point, if Bitcoin had broken 8200 it would bring another wave of buyers, but this macd has crossed down so wave of sellers have come, bears just took over again, showing their strenght after they have defended the 8200-8300 area for over 6 days, and then took perfect opportunity to push the price lower for their own solid profits, having a plan is the key, and they always have a good one.
This was follown by the whole daily macd selling wave that has pushed the price so far to 6000, where Bitcoin has found some strong demand again, again looking at daily RSI it remains strong at 30 level, and succesfuly hasnt become oversold, Bitcoin is following this trend for a longer time period.
But lets look at the current state of Bitcoin price based on candles and RSI and EMA, I will include MACD in updates.
Okay, so it looks like Bitcoin has found two uptrends, so if the first one gets broken after failing to break ressistance, it should find support at the second one, optimally at some support level, the intersect of uptrend and support level can be also considered as stronger support level.
Here is an Example of what I mean by that.
So what I think will happen next is that Bitcoin will retest ressistance at 6480 which it propably fails to break and find support and second uptrend where it will try to follow this uptrend with another try to break this level, will keep you updated about this movement, it may still fail to hold support at second uptrend if Bears step while the price will get rejected at 6480 area, stay tuned for updates.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, you can also find there Trading patterns, my trades enters and targets, advices, or ask me for a TA on demand without any fee! Invitational link is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer. If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart, I will surely do an Update.
Its good to be back, and welcome you to one of my another Constantly Updated Bitcoin TA, where I keep a watch on BTC movement and try to explain why that or that happened and what can happen in near future!
So it looks like Bitcoin has failed breaking the 8200-8300 area, daily MACD was on a decision point, if Bitcoin had broken 8200 it would bring another wave of buyers, but this macd has crossed down so wave of sellers have come, bears just took over again, showing their strenght after they have defended the 8200-8300 area for over 6 days, and then took perfect opportunity to push the price lower for their own solid profits, having a plan is the key, and they always have a good one.
This was follown by the whole daily macd selling wave that has pushed the price so far to 6000, where Bitcoin has found some strong demand again, again looking at daily RSI it remains strong at 30 level, and succesfuly hasnt become oversold, Bitcoin is following this trend for a longer time period.
But lets look at the current state of Bitcoin price based on candles and RSI and EMA, I will include MACD in updates.
Okay, so it looks like Bitcoin has found two uptrends, so if the first one gets broken after failing to break ressistance, it should find support at the second one, optimally at some support level, the intersect of uptrend and support level can be also considered as stronger support level.
Here is an Example of what I mean by that.
So what I think will happen next is that Bitcoin will retest ressistance at 6480 which it propably fails to break and find support and second uptrend where it will try to follow this uptrend with another try to break this level, will keep you updated about this movement, it may still fail to hold support at second uptrend if Bears step while the price will get rejected at 6480 area, stay tuned for updates.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, you can also find there Trading patterns, my trades enters and targets, advices, or ask me for a TA on demand without any fee! Invitational link is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer. If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart, I will surely do an Update.
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Bitcoin still keeping his "no oversold" status, always finds good support close at 30 level, and when 30 is broken it quickly rises above 30.
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testing 6350.
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2h RSI is struggling to break above 60 bullish level, found ressistance twice and formed double top, lets see if it can head back to uptrend.
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15 min candles show good demand, but overall RSI demand is low.
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30 min RSI, good demand has shown and no oversold level was seen here, lets see how it act when it reach 40..
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Just as I said that Bitcoin may find support the second uptrend level, and it did!
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Both uptrend broken, but found support at 6200, I really do like those 3 lower shadows which are showing some support demand.
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15 min again, 4 selling waves in a row, another one is unlikely but still possible, but we are more likely to see a slight grow in shorter term, maybe test 6300.
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this is like the only good macd from all of them expect 15 min..
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Bitcoin needs to see on 4h and 6h MACD another wave of buyers, if this half day macd wants to keep ascending.
when that happens, daily macd can turn over too.
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15 min overal look, tested 6300 as expected, those three candles has shown pretty okay demand also with pivot support confirmation.
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the 15 min MACD has shown the way for 30 min MACD for a possible crossover, with a bit longer period buy signal.
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So if Bitcoin falls bellow 6,000 and stays there, it would turn 12h macd into sell signal, and Bitcoin would be likely to see another wave of sellers, which would mean another wave for sellers on daily macd timeframe, which is currently in histogram uptrend.
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But for that to happen (12h macd being on buy signal) first 6h needs to see another wave of buyers dominance.
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found another uptrend, confirmed some support at 5850 level, another uptrend break could mean dip to 5780 area.
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the 12 MACD is alive! A very good sign for Bitcoin.
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The fact 12h macd is on buying wave led the daily macd to strong uptrend
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Short term found ressistance on 6480, testing support uptrend level with and also 40 rsi, that is considered as a good support level, likely to test 6300-6265 with an lower shadow.