Hey, I am back with another Technical Analysis, looking again at Bitcoin.
Bitcoin has found strong demand at 5800 level as I suggested in my other ideas, that this zone will act pretty strong.
Bitcoin has also broke out from the falling wedge bullish reversal pattern as I expected in my another succesful Bitcoin Idea
The 5800 was tested twice, both times Bitcoin has seen strong bounce, second stronger than first one leading it right into high demand zone.
On the chart you can see many patterns, uptrends, downtrends, broken falling wedge.
One strong support level, and one ressitance key level, that if Bitcoin can broke, Bitcoin can broke free and see the same pump as we have seen dump from 7700 right to 6618.
Currently Bitcoin is riding on uptrend line with increasing demand.
Lets just proceed by looking at Indicators.
RSI shows trend change from bear to bull as Bitcoin was under 30 once at 4h timeframe and have seen strong bounce. RSI is also able to stay at high demand zones for a while and when gets denied at some level it can find support at pretty high demand level while on selling wave.
You can see the comparison between bull and bear RSI in explanatory notes.
On Macd you can see that buyers have stronger dominance over sellers, which means buying wave has stronger volume and moves the Bitcoin price significantly, while when Bitcoin is in selling wave, selling volume is not that strong but still significant, and it doesnt really make any impact as buyers are buying these sells.
In short that means in selling waves the price doesnt drop as much.
On macd you can also see uptrend tests, that bring another wave of buyers, so the uptrend remains strong.
I think thats it, or maybe one more thing to anyone who thinks Bitcoin will drop to 2-3k levels because some TA´s with older chart info, for example weekly and so on looking at past, you have to also consider that the demand for Bitcoin has rapidly increased by the time, when you just look at how 5800 acts I dont see it go that low. Hope you understand my point.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, which is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
Bitcoin has found strong demand at 5800 level as I suggested in my other ideas, that this zone will act pretty strong.
Bitcoin has also broke out from the falling wedge bullish reversal pattern as I expected in my another succesful Bitcoin Idea
The 5800 was tested twice, both times Bitcoin has seen strong bounce, second stronger than first one leading it right into high demand zone.
On the chart you can see many patterns, uptrends, downtrends, broken falling wedge.
One strong support level, and one ressitance key level, that if Bitcoin can broke, Bitcoin can broke free and see the same pump as we have seen dump from 7700 right to 6618.
Currently Bitcoin is riding on uptrend line with increasing demand.
Lets just proceed by looking at Indicators.
RSI shows trend change from bear to bull as Bitcoin was under 30 once at 4h timeframe and have seen strong bounce. RSI is also able to stay at high demand zones for a while and when gets denied at some level it can find support at pretty high demand level while on selling wave.
You can see the comparison between bull and bear RSI in explanatory notes.
On Macd you can see that buyers have stronger dominance over sellers, which means buying wave has stronger volume and moves the Bitcoin price significantly, while when Bitcoin is in selling wave, selling volume is not that strong but still significant, and it doesnt really make any impact as buyers are buying these sells.
In short that means in selling waves the price doesnt drop as much.
On macd you can also see uptrend tests, that bring another wave of buyers, so the uptrend remains strong.
I think thats it, or maybe one more thing to anyone who thinks Bitcoin will drop to 2-3k levels because some TA´s with older chart info, for example weekly and so on looking at past, you have to also consider that the demand for Bitcoin has rapidly increased by the time, when you just look at how 5800 acts I dont see it go that low. Hope you understand my point.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, which is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
Comment:
Good looking preparation for another leg up!
Comment:
6766 got denied again, I expect retest of uptrend
Comment:
6766 denied once again
Comment:
riding ema and steeper uptrend preparing for a try to break 6766 another time. Look on RSI how strong the demand is for a longer period of time