Hey, I am back with another Idea, this time looking again at Bitcoin.
A full year has slowly past away, Bitcoin has seen highs of 20k and lows of 6k below, many retest of 6k level shown, that here Bitcoin has good demand and bears werent able to break below this level (5755).
After seeing how strong demand was seen on these below 6,000 levels, I am pretty concirned that 5755 was the best entry possible, and Bitcoin should not see any lower lows.
But lets look at current situation.
Bitcoin has broken the 6500 level, which was known as pretty strong ressistance level, and immediately found support on it which is a good sign of demand, after finding support on this 6500 level, Bitcoin has hormed a Flag and has succesfuly broken out and tested 6800 level. After this test, Bitcoin formed another flag, but this time, Bitcoin flag has failed to break ressistance and retraced back to 6650 levels, from there Bitcoin has formed an Ascending Triangle which broke out while writing this TA and may continue, but it may be failed breakout with another uptrend test.
Another Possibility is that Bitcoin will remain pretty stable in 6700-6740 range for a while and then breakout pretty much unexpectedly.
Both ways, Bitcoin is looking for another 6800 test.
RSI is in uptrend, MACD formed nicely looking pennant and shown bullish crossover, will add them both in bigger format in updates, stay tuned.
If you like this Technical Analysis and I made your view on current Bitcoin current situation somehow clearer, let me know by hitting that agree button, I really do appreciate every one as it motivates by spending more time on doing TA´s, Thanks a lot!
A full year has slowly past away, Bitcoin has seen highs of 20k and lows of 6k below, many retest of 6k level shown, that here Bitcoin has good demand and bears werent able to break below this level (5755).
After seeing how strong demand was seen on these below 6,000 levels, I am pretty concirned that 5755 was the best entry possible, and Bitcoin should not see any lower lows.
But lets look at current situation.
Bitcoin has broken the 6500 level, which was known as pretty strong ressistance level, and immediately found support on it which is a good sign of demand, after finding support on this 6500 level, Bitcoin has hormed a Flag and has succesfuly broken out and tested 6800 level. After this test, Bitcoin formed another flag, but this time, Bitcoin flag has failed to break ressistance and retraced back to 6650 levels, from there Bitcoin has formed an Ascending Triangle which broke out while writing this TA and may continue, but it may be failed breakout with another uptrend test.
Another Possibility is that Bitcoin will remain pretty stable in 6700-6740 range for a while and then breakout pretty much unexpectedly.
Both ways, Bitcoin is looking for another 6800 test.
RSI is in uptrend, MACD formed nicely looking pennant and shown bullish crossover, will add them both in bigger format in updates, stay tuned.
If you like this Technical Analysis and I made your view on current Bitcoin current situation somehow clearer, let me know by hitting that agree button, I really do appreciate every one as it motivates by spending more time on doing TA´s, Thanks a lot!
Comment:
Another 1h macd cycle has started, lovely crossover with good triangle preparation.
Comment:
RSI double top, lets see if Bitcoin is able to find support at 6740 level, and form support from ressitance.
Comment:
5 Min macd downtrend, looking for 6740 test.
Comment:
Ascending triangle failed to break as 6800 was once again confirmed as strong ressistance, found decent support at 6700.
Comment:
Important 6h test, remember we need to see a comma higher than previous to confirm support and leave macd downtrend.
Comment:
1h macd uptrend coming from a bit oversold macd area, lets hope it wont find ressistance soon, again ressistance would mean that next comma will close taller than previous, its simple.
Comment:
5 min chart, looks very tight, low volume, neutral macd, 5min crossover but it mostly be just a boring test of 6700.
Comment:
Bitcoin has been trough a long selling wave but has remained actually pretty stable, 1h macd buy signal in oversold area, buy signal in more oversold area is more likely to follow uptrend which is forming.
Comment:
1H macd crossover uptrend would mean that 2h will slowly form this start of another 2h macd cycle.