Hey, I am back with another Bitcoin Update.
Each TA, I try to get as fast to the point as possible, but there are always many things I want to consider and put some attention on them.
So lets try it this time more simplier than ever.
Trends, most basic way of predicting where the price is likely to move, with a little help, of knowing about support, ressistance levels and knowing some basic patterns, properly reading candlesticks, thats the basis of a good trader!
Lets just read the chart and tell you what TA suggests.
Bitcoin has confirmed that we are currently riding another uptrend, a good sharp one but with a low volume,
Which sometimes suggest a strong move or sideway moves like we have seen before, finding ressistance and boom another flash crash..
Then another uptrend may form and here we go again..
Ideal for Bitcoin would be to break key level ressistance of 7400 and find support on it. 7400 is the level which will decide about another sharp move, if ressistance is broken there Bitcoin may break free, if not another flash crash may happen.
Indicators
MACD is going for a high bullish test, test at such height can mean a strong move upwards, interessted to see how will this one play out
Also notice how the RSI uptrend is confirming that Bitcoin was/is in uptrend.
And once again, I am here at the end of writing a short TA that didnt work out that well as its longer than expected, but neverthless if you come so far and you agree with my overall outlook and Bitcoin, let me know by smashing that Agree Button, it really helps me a lot and it leads to posting more similiar Technical analysis, thanks for your time and good luck trading!
Each TA, I try to get as fast to the point as possible, but there are always many things I want to consider and put some attention on them.
So lets try it this time more simplier than ever.
Trends, most basic way of predicting where the price is likely to move, with a little help, of knowing about support, ressistance levels and knowing some basic patterns, properly reading candlesticks, thats the basis of a good trader!
Lets just read the chart and tell you what TA suggests.
Bitcoin has confirmed that we are currently riding another uptrend, a good sharp one but with a low volume,
Which sometimes suggest a strong move or sideway moves like we have seen before, finding ressistance and boom another flash crash..
Then another uptrend may form and here we go again..
Ideal for Bitcoin would be to break key level ressistance of 7400 and find support on it. 7400 is the level which will decide about another sharp move, if ressistance is broken there Bitcoin may break free, if not another flash crash may happen.
Indicators
MACD is going for a high bullish test, test at such height can mean a strong move upwards, interessted to see how will this one play out
And once again, I am here at the end of writing a short TA that didnt work out that well as its longer than expected, but neverthless if you come so far and you agree with my overall outlook and Bitcoin, let me know by smashing that Agree Button, it really helps me a lot and it leads to posting more similiar Technical analysis, thanks for your time and good luck trading!
Comment:
Bitcoin on 1h time frame is testing uptrend with the addition of 40 rsi level, which considered as the last still good demand level. MACD is on a sell signal which can last few hours but thats too for much for the uptrend to take, as I said in TA, when this gets broken, sideways move for a while are most likely to happen. Finding support on uptrend on the other way and testing 6670 would show a good health uptrend.