Hello,
Weekend analysis of BTC is here.
We 1st analyze the 1D chart and start with MA. As I wrotte about EMA10/20 Golden cross several days ago, it now seems to be no longer valid. BTC has already drop below SMMA and TEMA is heading south.
Now, we will focus on RSI, Stoch and MACD. They are bearish with no doubt.
If we look in more detail, at 4H chart … All of moving averages are bearish.
However, indicators looks more positive. RSI-Stoch remains at the lowest levels. RSI-Stoch heading to south and it’ve already approached “30” level. It shows to us taht Bitcoin has chance to rise during the weekend. On the other hand, RSI is heading to south, but still have a room for next drop. MACD is bullish. These two indicators signal presence of bearish pressure to keep the price below $6600.
Sum Up, basically I’m still more bearish. Rather than a price increase, I expect price decrease to $6400, in the worts case to $6300. But weekend is ahead us, big players will be out of game, lower volatility come and price could increase.
From the bull view, the major resistances are at $6600/$6780. From the bear view, the major supports are $6400/$6300. For the rest important S/R lines refer to Fibonacci retracement.
Weekend analysis of BTC is here.
We 1st analyze the 1D chart and start with MA. As I wrotte about EMA10/20 Golden cross several days ago, it now seems to be no longer valid. BTC has already drop below SMMA and TEMA is heading south.
Now, we will focus on RSI, Stoch and MACD. They are bearish with no doubt.
If we look in more detail, at 4H chart … All of moving averages are bearish.
However, indicators looks more positive. RSI-Stoch remains at the lowest levels. RSI-Stoch heading to south and it’ve already approached “30” level. It shows to us taht Bitcoin has chance to rise during the weekend. On the other hand, RSI is heading to south, but still have a room for next drop. MACD is bullish. These two indicators signal presence of bearish pressure to keep the price below $6600.
Sum Up, basically I’m still more bearish. Rather than a price increase, I expect price decrease to $6400, in the worts case to $6300. But weekend is ahead us, big players will be out of game, lower volatility come and price could increase.
From the bull view, the major resistances are at $6600/$6780. From the bear view, the major supports are $6400/$6300. For the rest important S/R lines refer to Fibonacci retracement.
I predicted, that BTC dropped below $6500, so I wasn't right. BTC dropped to $6505 only. Not, to bad. Then Bullish divergence reversed the trend. Finally, BTC hit $6653 mark. So, pretty interesting weekend.
Let's look at current situaion. I would like to focus on 1W chart. Bitcion has a good chance to close above previous week’s close, at $6609. The Bullish Engulfing will be performed, if Bitcoin close above $6609 daily. Depending on how high we close today the more significant the signal that will be for us. The higher = the better. In this case, $6800 and $7000 profit zones are achievable.
On 1W chart, BTC is still in the consolidation phase.
We will see how it will happen today. It will be really interesting, a few important resistances can be found at $6610. Not only Last Week Open, but also Fib Retr.