Hello friends, today you can review the technical analysis idea on a 1H linear scale chart for Bitcoin ( BTC ).
The chart is self-explanatory. The price broke out of the Descending Parallel Channel and re-tested the top trendline. After the re-test the price moved up to the $48K area but was rejected and now attempting to move back up again. If the price can not break the 0.786 Fibonacci Retracement level, it may go to the 0.382 - 0.236 level or even lower (back into the Descending Parallel Channel). There is a Double Top Formation that may play out which is bearish. The RSI is being met with a resistance line and if it does not break above that line, the RSI may fall (indicating the price may fall). Getting back to the $53K price area is not going to be that easy unless a whale comes to buy!
In the ideas noted below are a few mid-term and long-term Bitcoin charts. Please review.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
The chart is self-explanatory. The price broke out of the Descending Parallel Channel and re-tested the top trendline. After the re-test the price moved up to the $48K area but was rejected and now attempting to move back up again. If the price can not break the 0.786 Fibonacci Retracement level, it may go to the 0.382 - 0.236 level or even lower (back into the Descending Parallel Channel). There is a Double Top Formation that may play out which is bearish. The RSI is being met with a resistance line and if it does not break above that line, the RSI may fall (indicating the price may fall). Getting back to the $53K price area is not going to be that easy unless a whale comes to buy!
In the ideas noted below are a few mid-term and long-term Bitcoin charts. Please review.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Comment:
exactly as predicted....
I chart on Tradingview: www.tradingview.com/symbols/BTCUSD/?aff_id=25106
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
