Hey, I am back with another Bitcoin Idea, I ve been spending most of my time looking at alts, should have posted my XRP TA with buy around at 4400 but maybe another time, gladly I have bought at 4200 level and still holding, if you would like TA on XRP let me know, but now lets focus on looking at Bitcoin.
Bitcoin has broken out from 6500 levels to 6700 level, where it shown ascending triangle breakout but found ressitance at 6800 level, which is consider as strong ressitance, same as 6500. After 6800 failed test Bitcoin found some support at 6600, tested 6700 few times unsuccesfully and broke down to 6500-6450 good support zone.
Bitcoin havent took long in 6500 levels and has seen good demand in this area and formed uptrend which is currently following.
Lets look at current situation, bassicaly Bitcoin is following uptrend tightly, full candle closed below uptrend would likely mean uptrend broke consolidating Bitcoin to the first known support.
Bassicaly two ways, one (green) which Bitcoin is succesfuly testing uptrend and continues up to 6700, where its likely to found some ressitance or a bit higher or lower as uptrend cannot last forever.
Second one(red) would mean that uptrend will get broken Bitcoin will go test first lower known support.
Bit about Indicators, EMA is showing uptrend, RSI also on uptrend and MACD have uptrend bullish crossover but with low volume.
I will keep you updated.
If you like this Technical Analysis, and I made your view on current Bitcoin situation somehow clearer, let me know by hitting that agree button, I really do appreciate each one as it motivates by spending more time on doing TA´s, Thanks a lot!
Bitcoin has broken out from 6500 levels to 6700 level, where it shown ascending triangle breakout but found ressitance at 6800 level, which is consider as strong ressitance, same as 6500. After 6800 failed test Bitcoin found some support at 6600, tested 6700 few times unsuccesfully and broke down to 6500-6450 good support zone.
Bitcoin havent took long in 6500 levels and has seen good demand in this area and formed uptrend which is currently following.
Lets look at current situation, bassicaly Bitcoin is following uptrend tightly, full candle closed below uptrend would likely mean uptrend broke consolidating Bitcoin to the first known support.
Bassicaly two ways, one (green) which Bitcoin is succesfuly testing uptrend and continues up to 6700, where its likely to found some ressitance or a bit higher or lower as uptrend cannot last forever.
Second one(red) would mean that uptrend will get broken Bitcoin will go test first lower known support.
Bit about Indicators, EMA is showing uptrend, RSI also on uptrend and MACD have uptrend bullish crossover but with low volume.
I will keep you updated.
If you like this Technical Analysis, and I made your view on current Bitcoin situation somehow clearer, let me know by hitting that agree button, I really do appreciate each one as it motivates by spending more time on doing TA´s, Thanks a lot!
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I wanted to post 1min/5min/15min and so on Updates bot looking at this one min it seems like there is really low volume now, so lets look at some higher timeframe for now.
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15 min lookout, macd downtrend very likely to test 6550 if that fails goes right to 6535.
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5 min uptrend, rough test of uptrend and 6600, rsi above 60 which means bullish demand.
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weekly Bitcoin MACD shows weak uptrend, still oversold which means its easier to push the price higher.
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Basically 15 min macd is telling that if Bitcoin can break 6600 and keep price above it, macd will give buy signal.
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1h lookout, Bitcoin has been pretty stable, break of 6600 or 6570 would mean strong move on one side.
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popped upward, testing 6650, may continue moving up.
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Bitcoins current worst enemy, 6800.