Analysis of BTC/USD
We see printed a huge green candle, breaking past the 200MA. This is a strong indicator of a bullish trend forming.
Two bull flags clearly printed, before stepping above the 200MA. It remains to be seen if it can find support at this range and consolidate above this 4000 level. MACD bullish divergence is also indicative of a reversal. However, RSI is overbought, we should expect a pullback and period of consolidation before trending upwards again towards 4400.
The not so ideal scenario is for BTC to fall back to its 50MA, approx 3600.
Regardless, some key levels to note:
- Stong Support 3200
- Moderate Support 3600
- Resistance 4000
- Target next Resistance 4400
We see printed a huge green candle, breaking past the 200MA. This is a strong indicator of a bullish trend forming.
Two bull flags clearly printed, before stepping above the 200MA. It remains to be seen if it can find support at this range and consolidate above this 4000 level. MACD bullish divergence is also indicative of a reversal. However, RSI is overbought, we should expect a pullback and period of consolidation before trending upwards again towards 4400.
The not so ideal scenario is for BTC to fall back to its 50MA, approx 3600.
Regardless, some key levels to note:
- Stong Support 3200
- Moderate Support 3600
- Resistance 4000
- Target next Resistance 4400