Was Monday the final dip before 60k? Or are we going further down?
Checkout my
BTCUSD
analysis.
Indicators:
The MACD lines have crossed, so it is a strong indication of an uptrend. It also looks like they are getting ready to spread apart. On the other hand, we are still in negative/bear territory, so the gains might be small and it might go down again.
The RSI is right in the middle, so this tells me that the price is consolidating at around 48k-52k. Even if the price goes up or down, (based on previous negative MACD periods) I don't think the fall will be significant.
That being said, the volume is quite small, which tells me that most people are still waiting to see what happens. Until something changes (crypto-related news, or a new tweet from Mr. Musk perhaps) I believe there will be a lot of fence-sitters for a while. Again, this is another indication of a sideways market.
Patterns:
Some people have mentioned inverted head and shoulders, but I decided to try something different today. I'm still getting the hang of the drawing tools here, so I put all the lines of resistance and support myself (blue lines). Funnily, it does look a lot like Fibbonacci. Nature is beautiful.
So (considering the indicators) I see 3 possibilities here:
1) slow climb up, testing all the tops (and possibly retesting previous bottoms)
2) dip to ~44k and then to ~37k based on a whale or news item
3) skyrocket to the highest top, again based on a whale or Musky tweet
A friend of mine used to say "the market goes up on stairs and goes down on elevators". If we are going to follow the indicators (I don't have a crystal ball to tell you tomorrow's news or what Musk will tweet) I would say that it will likely touch ~55k today, going down to ~49k, then testing the next tops and bottoms and so on (pink lines).
Conclusion:
I maintain my position from yesterday: sideways market, with possible short-term dip (4-12h) but long-term rise (2-3 days).
For swing trading, you can enter now and put a stop at the level you are most comfortable losing, or wait for a more clear indication of a rise.
Disclaimer:
None of this is financial or investment advice. Cryptocurrency is highly risk and you should only invest what you are comfortable losing.
Checkout my
BTCUSD
analysis. Indicators:
The MACD lines have crossed, so it is a strong indication of an uptrend. It also looks like they are getting ready to spread apart. On the other hand, we are still in negative/bear territory, so the gains might be small and it might go down again.
The RSI is right in the middle, so this tells me that the price is consolidating at around 48k-52k. Even if the price goes up or down, (based on previous negative MACD periods) I don't think the fall will be significant.
That being said, the volume is quite small, which tells me that most people are still waiting to see what happens. Until something changes (crypto-related news, or a new tweet from Mr. Musk perhaps) I believe there will be a lot of fence-sitters for a while. Again, this is another indication of a sideways market.
Patterns:
Some people have mentioned inverted head and shoulders, but I decided to try something different today. I'm still getting the hang of the drawing tools here, so I put all the lines of resistance and support myself (blue lines). Funnily, it does look a lot like Fibbonacci. Nature is beautiful.
So (considering the indicators) I see 3 possibilities here:
1) slow climb up, testing all the tops (and possibly retesting previous bottoms)
2) dip to ~44k and then to ~37k based on a whale or news item
3) skyrocket to the highest top, again based on a whale or Musky tweet
A friend of mine used to say "the market goes up on stairs and goes down on elevators". If we are going to follow the indicators (I don't have a crystal ball to tell you tomorrow's news or what Musk will tweet) I would say that it will likely touch ~55k today, going down to ~49k, then testing the next tops and bottoms and so on (pink lines).
Conclusion:
I maintain my position from yesterday: sideways market, with possible short-term dip (4-12h) but long-term rise (2-3 days).
For swing trading, you can enter now and put a stop at the level you are most comfortable losing, or wait for a more clear indication of a rise.
Disclaimer:
None of this is financial or investment advice. Cryptocurrency is highly risk and you should only invest what you are comfortable losing.
