I haven't looked at Bitcoin for a long time, but it has started to fall,
breaking through the weekly Ichimoku cloud, which took many weeks to form.
It is now more important to say where its reliable support zone is.
Reverse RSI gave it a red bearish flag, which is not very good, but it is normal
considering how much it had grown before that.
I note the coincidence of the EMA 200 zone and the oversold Revers RSI
at around 68,000.
But in addition, we will need to see a new bullish RSI (green candles), which will
change the structure of the process. We will be able to talk about this no earlier
than after the retest. Will it be single, double, or with sideways movement?
It is impossible to say anything about this now.
I expect Bitcoin to find support there.
breaking through the weekly Ichimoku cloud, which took many weeks to form.
It is now more important to say where its reliable support zone is.
Reverse RSI gave it a red bearish flag, which is not very good, but it is normal
considering how much it had grown before that.
I note the coincidence of the EMA 200 zone and the oversold Revers RSI
at around 68,000.
But in addition, we will need to see a new bullish RSI (green candles), which will
change the structure of the process. We will be able to talk about this no earlier
than after the retest. Will it be single, double, or with sideways movement?
It is impossible to say anything about this now.
I expect Bitcoin to find support there.
Trade active
Let's check the concept.
The weekly candle has hit the EMA200 (the spike is not scary)
and, at the same time, the RSI oversold zone.
That's two supports.
I will wait for a new weekly candle slightly above the white and green lines.
Note
Ta-da! Bitcoin opened above the weekly EMA200
(and even above the psychological 70,000 mark),
tested the oversold REVERS RSI zone,
and hints that life isn't always so dramatic.
Trade closed: target reached
The reversal took place. Jupe!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.