Hey, I am back with another Bitcoin Technical Analysis with constant updates.
Bitcoin has been acting pretty strong lately with strong fundamentals this time, after three stronger runups, where Bitcoin have found some ressistance, Bitcoin found support at first known stronger support level below ressistance, which is a good and strong bullish sign.
But Bears are still in the game, you can spot Bears market manipulation when there is a ressistance getting broken(upper shadows), Bears are tightly waiting for the right time to enter short, and start selling their BTC to push the price lower, immediately when the ressistance breaktrough got denied.
Here is an Example of what I mean.
Thats why you see after a denied ressistance breaktrough a long red candle, that ends these times at support level, which is a good sign for Bitcoin that he can find support after a denial and continue growing and testing ressistances.
Enough about what was, lets take a look at which ways can Bitcoin go this time.
Last time when Bitcoin found his current 8500 ressistance, it god denied, retested 8400 ressistance few times, which is a ressistance too, but 8500 is more significant one, and it got denied even there and retrace back to test 7800 level, after a strong rally is this of consolidation healthy, but still manipulated.
What we can see these days is that after Bitcoin founds some ressistance it goes to retest first known stronger support and bounces from support to resssitance and back for a while and then breakouts, so even this "bouncing" can be considered as consolidation.
So Bitcoin this time doesnt have to make the same move with retesting lower support level, but it may, and even if that happens, it wont change tha fact that Bitcoin is still bullish.
Second scenario is good known, as I said, Bitcoin will test current support, then current ressistance, then again current support and so on after it will breakout from this levels most likely with this strong demand upwards.
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.
Bitcoin has been acting pretty strong lately with strong fundamentals this time, after three stronger runups, where Bitcoin have found some ressistance, Bitcoin found support at first known stronger support level below ressistance, which is a good and strong bullish sign.
But Bears are still in the game, you can spot Bears market manipulation when there is a ressistance getting broken(upper shadows), Bears are tightly waiting for the right time to enter short, and start selling their BTC to push the price lower, immediately when the ressistance breaktrough got denied.
Here is an Example of what I mean.
Thats why you see after a denied ressistance breaktrough a long red candle, that ends these times at support level, which is a good sign for Bitcoin that he can find support after a denial and continue growing and testing ressistances.
Enough about what was, lets take a look at which ways can Bitcoin go this time.
Last time when Bitcoin found his current 8500 ressistance, it god denied, retested 8400 ressistance few times, which is a ressistance too, but 8500 is more significant one, and it got denied even there and retrace back to test 7800 level, after a strong rally is this of consolidation healthy, but still manipulated.
What we can see these days is that after Bitcoin founds some ressistance it goes to retest first known stronger support and bounces from support to resssitance and back for a while and then breakouts, so even this "bouncing" can be considered as consolidation.
So Bitcoin this time doesnt have to make the same move with retesting lower support level, but it may, and even if that happens, it wont change tha fact that Bitcoin is still bullish.
Second scenario is good known, as I said, Bitcoin will test current support, then current ressistance, then again current support and so on after it will breakout from this levels most likely with this strong demand upwards.
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.
Comment:
Looking at Daily MACD, it shows we havent seen sellers in dominance in a while, I expect this trend to end soon as macd is pretty high, and we will see sellers dominance at least for a week in dominance again, this doesnt complety says that Bitcoin has to fall signifcantly in his price, but just consolidate a bit.
Looking at Daily MACD, it shows we havent seen sellers in dominance in a while, I expect this trend to end soon as macd is pretty high, and we will see sellers dominance at least for a week in dominance again, this doesnt complety says that Bitcoin has to fall signifcantly in his price, but just consolidate a bit.
Comment:
But in longer term, Bitcoin looks excelent.
Comment:
After bull run to 20,000 dollar Bitcoin price, we havent seen RSI higher than 70, even though some Bitcoin moves looked strong, they were very weak in term of demand, low RSI in this whole bear cycle, one time Bitcoin have seen higher demand but found 70 level as ressistance, but this time, we are above 70 which is a very strong demand level! Strong Bitcoin rally may be ahead :smiley:
After bull run to 20,000 dollar Bitcoin price, we havent seen RSI higher than 70, even though some Bitcoin moves looked strong, they were very weak in term of demand, low RSI in this whole bear cycle, one time Bitcoin have seen higher demand but found 70 level as ressistance, but this time, we are above 70 which is a very strong demand level! Strong Bitcoin rally may be ahead :smiley:
Comment:
Bitcoins RSI oversold bounce, this is what we want to see if we want Bitcoin to remain strong and uptrending, I am currently headed to the gym, expect next update in an hour and half, see you!
Comment:
Hourly MACD needs to see a Bounce if Bitcoin wants to stay in 8200 - 8500 levels.
Comment:
RSI* my bad.
Comment:
Overal 15 min look.
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This 4h MACD, doesnt necessarily means that Bitcoin is going to fall in price, in means that currently the buyers are exhausted from doing any major strong move, consolidation is ahead. And as I said, the consolidation can be the same as before just hovering in 8500-8200 level, but doesnt have to be and Bitcoin can still retrace, will keep you updated.
Comment:
Tested 8200 but unsuccesfuly, RSI found some support and this rebound from 8100 to 8200 made MACD trend change, so another retest is likely, lets look at 5min.
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5 min with explanatory notes.
Comment:
Sorry for no updates again, I went to work at night and when I came back I immediately fell asleep, But everything went as expected uptrend line to 8200 was succesful, broke 8200 and found support on it currently it looks like Bitcoin is forming an ascending triangle. New Uptrend has been found, broke of this uptrend would mean retrace to 8200 and making this uptrend invalid.
Comment:
Perfect example how RSI ressistance at 60, 40 levels is related to known ressistances or support level.
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Bitcoin daily RSI is being able to find support pretty high, which means demand is really strong, good bullish sign.
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Uptrend got broken and Bitcoin has formed pennant which is 50/50 breakout pattern, it means we are expecting stronger move on any side.
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It can be also Ascending Triangle.
Comment:
Looks like Bitcoin went the other way - red way.
8200 support confirmed again, as 15 min MACD have seen strong selling waves and price has held, and buyers are slowly getting to dominance, as we are getting an MACD buy signal, currently about to test the 8500 ressistance.