Hello my friends.
My few latests charts showed we were clearly going down,this one is more fresh and I found something very interesting.
Check the Weekly RSI line i have drawn.Bitcoin always made Big moved when breaking,bouncing off that line.
It seems it has bounced off that level but it's uncertain if we are moving up for now because:
1) EMA's all point downtrend.EMA 20 is about to cross Ema 50 on weekly
2) Rsi is much lower than 50,indicates a strong downtrend.
3) The big support around 6-6.7k was tested already 3 times,you know from physics when something is hit multiple times,in the end it breakes easily
My opinion what is next : If we go below 6k,we won't stop at 5.8,it will go all the way till 4.9 and there we may expect a nice bounce,in case that fails, 4.4 is next and then 2950.
Trade at your own risk :)
My few latests charts showed we were clearly going down,this one is more fresh and I found something very interesting.
Check the Weekly RSI line i have drawn.Bitcoin always made Big moved when breaking,bouncing off that line.
It seems it has bounced off that level but it's uncertain if we are moving up for now because:
1) EMA's all point downtrend.EMA 20 is about to cross Ema 50 on weekly
2) Rsi is much lower than 50,indicates a strong downtrend.
3) The big support around 6-6.7k was tested already 3 times,you know from physics when something is hit multiple times,in the end it breakes easily
My opinion what is next : If we go below 6k,we won't stop at 5.8,it will go all the way till 4.9 and there we may expect a nice bounce,in case that fails, 4.4 is next and then 2950.
Trade at your own risk :)
Comment:
4h Timeframe
