Hey, I am back with another Idea, this time looking again at Bitcoin on logarithmic scale.
The whole alt market has seen pretty movement in average about 80% increase in value, but what about Bitcoin?
Well, bitcoin dominance is slowly falling but there will be bounce that will like always, turn the dominance when Bitcoin will have his breakout.
Bitcoin has seen breakout from bullish channel in 24. november from 8,000 to 20,000 dollars. The correction was needed, so Bitcoin headed to a Bearish channel and have stayed there for some time, now Bitcoin has broken the bearish trend and channel.
For now Bitcoin has stable growment in past two weeks, which is great bullish sign.
Bitcoin has tested support of 6,500 eight times, and the bears couldnt push the price lower which led into huge green candle.
Currently we are in a Wedge, that can lead to bitcoin going back to his Bullish channel.
Taking look at Indicators.
MACD is giving buy signal, with stable buying power, buyers overhelming sellers.
RSI has surpass ressistance level of 57 and became bullish, Stoch is flying.
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!
The whole alt market has seen pretty movement in average about 80% increase in value, but what about Bitcoin?
Well, bitcoin dominance is slowly falling but there will be bounce that will like always, turn the dominance when Bitcoin will have his breakout.
Bitcoin has seen breakout from bullish channel in 24. november from 8,000 to 20,000 dollars. The correction was needed, so Bitcoin headed to a Bearish channel and have stayed there for some time, now Bitcoin has broken the bearish trend and channel.
For now Bitcoin has stable growment in past two weeks, which is great bullish sign.
Bitcoin has tested support of 6,500 eight times, and the bears couldnt push the price lower which led into huge green candle.
Currently we are in a Wedge, that can lead to bitcoin going back to his Bullish channel.
Taking look at Indicators.
MACD is giving buy signal, with stable buying power, buyers overhelming sellers.
RSI has surpass ressistance level of 57 and became bullish, Stoch is flying.
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:
Bouncing from 57 RSI, nice sign, havent falled bellow wedge bottom line, another good sign.
