BTC - multiple timeframes analysis with bullish/bearish scenario
Hello all,
Bitcoin is still trading in an long-term uptrend corridor as visible on the weekly chart below. On the other hand it's been quite static since mid-March, basically hovering around the $60,000 level without being able to make a solid breakout. This helped the major altcoins like ETH and DOT to compensate and try to catch the biggest digital asset. Additionally, we can clearly see a bearish divergence on the RSI chart (lower part of the screen), which in my experience is a pretty accurate indicator to predict a trend reversal.
Weekly chart BTC
So, what we can expect here if the bullrun is to be continued, is an end of the consolidation phase and break above the mentioned psychological level at $60,000 in search for new highs. The current BTC setup on the Daily chart is an absolute copy of the 1-day chart of ETH/USDT from 2 weeks ago. Here is my full idea:
Here is BTC on 1-day now:
If we follow the same pattern and history repeats itself, then we can expect a drop( check bearish scenario below) and then a rebound to a new all-time high.
The bearish scenario here is limited to a break below the $56,700 and 100-day EMA on the 4-hour chart which will correspond to loosing the 21-day EMA on daily. In this case we will be looking for a drop similar to the ones observed during the last two times we lost the 21-day EMA on daily - on February 25 and March 22.
I will be looking for support first at the diagonal support (yellow dotted line) and then near the previous demand zone (green zone).
Regards,
Bitcoin is still trading in an long-term uptrend corridor as visible on the weekly chart below. On the other hand it's been quite static since mid-March, basically hovering around the $60,000 level without being able to make a solid breakout. This helped the major altcoins like ETH and DOT to compensate and try to catch the biggest digital asset. Additionally, we can clearly see a bearish divergence on the RSI chart (lower part of the screen), which in my experience is a pretty accurate indicator to predict a trend reversal.
Weekly chart BTC
So, what we can expect here if the bullrun is to be continued, is an end of the consolidation phase and break above the mentioned psychological level at $60,000 in search for new highs. The current BTC setup on the Daily chart is an absolute copy of the 1-day chart of ETH/USDT from 2 weeks ago. Here is my full idea:
Here is BTC on 1-day now:
If we follow the same pattern and history repeats itself, then we can expect a drop( check bearish scenario below) and then a rebound to a new all-time high.
The bearish scenario here is limited to a break below the $56,700 and 100-day EMA on the 4-hour chart which will correspond to loosing the 21-day EMA on daily. In this case we will be looking for a drop similar to the ones observed during the last two times we lost the 21-day EMA on daily - on February 25 and March 22.
I will be looking for support first at the diagonal support (yellow dotted line) and then near the previous demand zone (green zone).
Regards,