Hey, I am back with another Idea, this time after a while looking again at Bitcoin chart.
What has happened?
Bitcoin has been falling from 6500 and on its way down, havent seen any buy power at all, the first impulse came when Bitcoin peeked 3600, sharp move was seen which was sustained for a while then another retest of 3600 and some hope was given to the people as Bitcoin has managed to increase over 20% in just two days, but this wasnt good enough as 4500 shown some ressistance and even EMAs said that this wont last, so a lower high has formed and another sharp downtrend has begin, wiping all of people hope for Bitcoin rally.
Bitcoin found some support at 3300 from where a slight uptrend has begin, but again, 3700 is a really strong ressistance and another downtrend has begun. In this downtrend Bitcoin has formed a double bottom in RSI and Falling wedge from which he has managed to break out, tested 3700 failed BUT managed to find support just slightly below it and demand havent fallen at all, after Bitcoin has managed to find support below 3700 another sharp move retesting 3700 was seen and this time succesful.
Bitcoin was in ressistance zone, where I thought It would last just a bit longer but no, Bitcoin tested 3900 which is another strong level and just few hours later, Bitcoin has managed to broke through this level! Good demand is seen and some light of hope has been brought up to Crypto market.
How does the trend look like?
Two EMA´s (50,20) are signifying a trend change on 4h timeframe which is pretty trusted timeframe with EMA closes, but Bitcoin has to manage remain uptrending or at least above 3700 to take this trend as verified.
A strong uptrend is seen, of course this trend cannot last forever but the best thing what can happen is accumulation or a bull flag, same as XRP is building these times.
How about Indicators?
As I said, EMAs are signifying a trend change.
RSI has seen a long demand downtrend which has been finally broken, and performed a double bottom.
Currently find support above 60 on 4h timeframe, which is a bullish sign.
Histogram signifies that buyers are still coming and its uptrending.
What do I expect from Bitcoin?
If Bitcoin manages to break through 4000, which shouldnt be that hard of the deal, the next stop is 4300.
If this break of 4000 fails, uptrend retest is most likely to happen, or if Bitcoin even fails to break any other ressistance the uptrend retest is most likely to happen.
Some last words?
Dont be afraid of this Market and think about Bitcoin that is dead or something, Bitcoin has seen extremely unhealthy rise and this is just normal behaviour, dollar cost average.
Thats all from me, for now. If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
What has happened?
Bitcoin has been falling from 6500 and on its way down, havent seen any buy power at all, the first impulse came when Bitcoin peeked 3600, sharp move was seen which was sustained for a while then another retest of 3600 and some hope was given to the people as Bitcoin has managed to increase over 20% in just two days, but this wasnt good enough as 4500 shown some ressistance and even EMAs said that this wont last, so a lower high has formed and another sharp downtrend has begin, wiping all of people hope for Bitcoin rally.
Bitcoin found some support at 3300 from where a slight uptrend has begin, but again, 3700 is a really strong ressistance and another downtrend has begun. In this downtrend Bitcoin has formed a double bottom in RSI and Falling wedge from which he has managed to break out, tested 3700 failed BUT managed to find support just slightly below it and demand havent fallen at all, after Bitcoin has managed to find support below 3700 another sharp move retesting 3700 was seen and this time succesful.
Bitcoin was in ressistance zone, where I thought It would last just a bit longer but no, Bitcoin tested 3900 which is another strong level and just few hours later, Bitcoin has managed to broke through this level! Good demand is seen and some light of hope has been brought up to Crypto market.
How does the trend look like?
Two EMA´s (50,20) are signifying a trend change on 4h timeframe which is pretty trusted timeframe with EMA closes, but Bitcoin has to manage remain uptrending or at least above 3700 to take this trend as verified.
A strong uptrend is seen, of course this trend cannot last forever but the best thing what can happen is accumulation or a bull flag, same as XRP is building these times.
How about Indicators?
As I said, EMAs are signifying a trend change.
RSI has seen a long demand downtrend which has been finally broken, and performed a double bottom.
Currently find support above 60 on 4h timeframe, which is a bullish sign.
Histogram signifies that buyers are still coming and its uptrending.
What do I expect from Bitcoin?
If Bitcoin manages to break through 4000, which shouldnt be that hard of the deal, the next stop is 4300.
If this break of 4000 fails, uptrend retest is most likely to happen, or if Bitcoin even fails to break any other ressistance the uptrend retest is most likely to happen.
Some last words?
Dont be afraid of this Market and think about Bitcoin that is dead or something, Bitcoin has seen extremely unhealthy rise and this is just normal behaviour, dollar cost average.
Thats all from me, for now. If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
Comment:
Strong and healthy moves from Bitcoin, as we are still in the channel I expect some pullback if channel gets broken upwards.. another green candle will be on the way.
Channel has been formed with a clear mid channel. Bitcoin still has some room to fall remaining bullish.
Its a good sign that what was previous ressistance is currently support, good and healthy sign. RSI holding above 60.