Bitcoin has formed a horizontal channel in range of $11140 to $11495. We've seen a fake breakout of the resistance which should tell us about further decline, HOWEVER, currently the price formed bullish convergence on RSI and stays above the strong support. These signs give us a hope that BTC can pump upward. Let me describe the whole situation in details:
1. The support level ($11140) will be broken. In this case we will have 100% chances of going lower to another support which is located at the $10435 level because downward movement will fully absorb the whole upward movement. However, bulls can buy the price back and not let this happen.
2. The support level will be falsely breakdown. In this case the price will have 100% chances of going higher to another resistance which is located at the $12140 level.
3. The support level won't be broken at all. In this case bulls will show their strength and can keep the support level. Therefore, the price will move upward to the $11495 resistance and if it breaks - the next resistance will be at $12140.
@BillCharison Love your analysis and signals.
Do you see a potential small relief bounce if price holds the 10400 level?
depruem
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the accuracy!
VickzinBK
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I also believe a bullish RSI and a final closing of the 10.6k gap in the CME will now push BTVC back ip to 11.9k and up. Check out my graph and let me know what you think.
MohammadE
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Nice and perfect as expected
ArivanyAndrade
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Great lecture.
Thank you for sharing your knowledge.
What do you say about this?