Hello guy, longer time I make last detail analysis about Bitcoin until today I will update newest analysis for all you.
This analysis include 1 DAY chart and 4 HOURS chart for all you have clearly interview about what Bitcoin will do now ?
First look at the left side we have 1D chart.
In this chart I do not draw the direction just consider some criteria about RSI and MACD with the price.
You see we have 3 lower high in last time and see RSI. What thing you see ? RSI have higher top figure when we have lower high price >>> it mean we don not have enough power to push the price go up, we are in over bull and the market is bearish in long term guys. Many people and investor just wait the price go up and they sell - sell -sell and get out this market, may be they invest in restaurant or building, … some thing like that.
Also look at MACD indicator. I have remove signal line , only reveal about MACD.
Remember MACD = Fast length (SMA12) - Slow length (SMA26)
We will consider 2 side, one is the positive area (MACD => 0) and negative area (MACD< 0)
What do you see ? Clearly, both positive and negative area all increase and higher than before with higher high and higher low.
So what it mean? The higher high in MACD in positive signal >>> show the price go up stronger than before and suddenly but the price also lower than last top.
>>> although we are go up strong than any time in before but we are weaker that described by MACD in positive area.
Consider MACD in negative area, MACD has higher low >>> mean the period of downtrend are longer and more narrow >> buyer put many LONG entry in here but the buyer also fail with seller
Second, we consider about the 4H chart of Bitcoin
We have crazy dropping in nearly time make Bitcoin dump from 74xx to 61xx >>> very terrible >>> seller is very strong.
Now we are in accumulation and sideway zone
Clearly, we all see Bearish Flag patter is very big, so what about the target for going up before dropping?
Using Fibonacci Retracement we find 0.618 (69xx$) is target for this time and down to 56xx as Fibonacci Extension.
THANK ALL YOU GUYS FOR READING AND HOPE YOU LIKE THIS POST !