bitcoinexpertindia

Bitcoin showing sign for reversal but 3 Things to keep in mind

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin now getting support at $9400, which we already shared in our last TA.

Now 3 things to consider

1. Bitcoin support and reversal from 0.382 according to fibonacci retracement which is $9500. Need to stay above this important key level.

2. RSI - If we consider daily chart , RSI is below 60 which is also now showing healthy position. But if we see RSI in weekly chart it is still showing in danger above 70. So We have to keep everything in mind.

3. 21 Moving Average - If you notice one year chart, 21 MA always been a good support for Bitcoin specially in the recent really, now here also you can see the reversal from 21 MA. which was around $10k. It hit many times in past and strongly bounced backed from there. So Keep that also in mind while trading if candle close below 21 MA it might be a sign for next support level . If it close above the 21 MA then soon Bitcoin may test the next resistance which is around $11500.

Resistance - $11500 - $13500
Support - $9400 $7200

Comments

Excellent use of fibonaccis. I found that the macro fibbonaci extensions from the last bull rally show prices could easily land up to 33k soon.
Reply
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