BCryptological

Bitcoin mini-rally incoming, though not until mid-April

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
With BTCUSD going through an extended post-correction decline, the last few days have brought the anticipated break through the long-term support line, which was supposed to be supporting BTCUSD above 8000USD over the last few days... but no more. Since yesterday BTCUSD has been thoroughly testing the 7000USD level and both the RSI and Stoch RSI indicate that it will continue to drive well below 7000USD today.

The next major support for BTCUSD occurs at 5800USD. At the same time that BTCUSD is reaching that level in the next two weeks, RSI is highly likely to move into oversold territory and Stoch RSI is strongly anticipating the beginning of buying momentum. With these three factors coinciding around mid-April, BTCUSD will likely move up strongly from approximately 6000USD; though the old support will act as resistance, holding it below 9000USD until the next drop once buying momentum dries up.

If no support is found at 5800USD, the next is at 3200USD - and though falling to that level is a definite possibility, it seems unlikely unless Stoch RSI buying momentum stalls throughout April - keep a close eye on it and BCrytological! Please follow me if you found this informative, I will keep you updated as the market develops!!

This analysis is for educational purposes only and not a recommendation to buy or sell. Always do your own research before trading.
Incorrect.
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@samiswilf, Any reasoning behind that?
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