Chart
BTC is creating an inverse head and shoulders pattern, and also seems to be creating a bigger symmetrical wedge pattern which is neither bullish nor bearish. Watching to see if BTC breaks above the neckline of the H&S and can turn that line into support. If BTC has a break to the downside of the symmetrical wedge, I would be a bit bearish on BTC, and if BTC breaks below the $43039 level of support, I will expect a steeper continuation of the BTC correction.
RSI
Back in early February, the RSI was at an overbought level of 74.68% and since then the RSI has dropped to 36.01% and made higher lows and BTC's price made lower lows signaling a bullish divergence, and with an RSI of 56%, BTC has plenty of room to grow.
MACD
Starting a bullish trend on the 4hour chart. On the daily chart, BTC is still in a bearish trend but it is weakening - signs point to a bullish trend.
Let me know your thoughts on BTC.
I wish you all prosperous trading!!:)
BTC is creating an inverse head and shoulders pattern, and also seems to be creating a bigger symmetrical wedge pattern which is neither bullish nor bearish. Watching to see if BTC breaks above the neckline of the H&S and can turn that line into support. If BTC has a break to the downside of the symmetrical wedge, I would be a bit bearish on BTC, and if BTC breaks below the $43039 level of support, I will expect a steeper continuation of the BTC correction.
RSI
Back in early February, the RSI was at an overbought level of 74.68% and since then the RSI has dropped to 36.01% and made higher lows and BTC's price made lower lows signaling a bullish divergence, and with an RSI of 56%, BTC has plenty of room to grow.
MACD
Starting a bullish trend on the 4hour chart. On the daily chart, BTC is still in a bearish trend but it is weakening - signs point to a bullish trend.
Let me know your thoughts on BTC.
I wish you all prosperous trading!!:)
Comment:
Either way BTC goes, I will be watching the Fib levels for support and resistance.
Comment:
bullish!!!!!!!!