Hey, I am back with another Analysis, this time on Bitcoin.
Bitcoin has been in the downtrend channel for 120 days.
In this channel we could see a lot of bull traps, bear flags etc.
It looks like 6500 is the bottom of the bear market, the demand for Bitcoin at this price is really huge and bears coudnt not drive the price lower than this.
Indicators
MACD - Yes, MACD was bullish really strong once, but that time BTC was under the channel so that meant Bitcoin was headed only back to Channel. But this time, we are the higher half of channel that means, the MACD could show us that Bitcoin is headed out of this Channel. The Blue line is steeply going up and buy Volume is increasing.
RSI - Looks great, bullish, but we need to keep going up, if RSI falls under 46 thats a bad sign.
For now, the price will drop a bit as 4 hours MACD is overbought, the 4 Hours needs to bounce from at least 46 RSI to be bullish again, not lower.
Hope I made your view on whats going on with Bitcoin somehow clearer.
If you like this TA let me know in the comments, Likes are aprreciated, Thanks!
If this gets a little bit of attention, I will update.
Bitcoin has been in the downtrend channel for 120 days.
In this channel we could see a lot of bull traps, bear flags etc.
It looks like 6500 is the bottom of the bear market, the demand for Bitcoin at this price is really huge and bears coudnt not drive the price lower than this.
Indicators
MACD - Yes, MACD was bullish really strong once, but that time BTC was under the channel so that meant Bitcoin was headed only back to Channel. But this time, we are the higher half of channel that means, the MACD could show us that Bitcoin is headed out of this Channel. The Blue line is steeply going up and buy Volume is increasing.
RSI - Looks great, bullish, but we need to keep going up, if RSI falls under 46 thats a bad sign.
For now, the price will drop a bit as 4 hours MACD is overbought, the 4 Hours needs to bounce from at least 46 RSI to be bullish again, not lower.
Hope I made your view on whats going on with Bitcoin somehow clearer.
If you like this TA let me know in the comments, Likes are aprreciated, Thanks!
If this gets a little bit of attention, I will update.
Comment:
Lets see how accurate will I be.
Comment:
Another break incoming.
Comment:
That was more than obvious, Bitcoin is ready for another move.
Comment:
Can this be another bear trap? Maybe.
