TiborVrbovsky

Bitcoin Holding on the Edge of Uptrend.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey! I am back with another Technical Analysis , this time looking at Bitcoin .

This Idea will also be continuously updated as my previous one, so stay tuned!

I am writing this second time as a while ago I was revising my writing and that I have successfully pressed ctrl+w, aaand it was all gone. So hopefully I not gonna miss any other of my points.

I was doing a Technical Analysis on XRP two days ago and I was all looking very great! But Bitcoin had to shown his dominance and again take the whole crypto market with him. But XRP is still holding on last uptrend and waiting for Bitcoin to give him decision about its next price move or a trend.

Its nothing unusual as Bitcoin is in my opinion Indicator for the whole crypto market, that's why its very important to watch Bitcoin when trading ANY alt coin, as they all have to obey and follow Bitcoin .

Lets focus on the most important thing on this chart.

Those two overall uptrend support lines which together are creating overall uptrend support zone between and around them. This support is the key one for Bitcoin to maintain its price moving upwards and pushing for that higher highs.

If Bitcoin breaks this support, and falls below it.. it would be like a falling catching knife on some support line. From there can a slight uptrend be seen and the whole process of uptrend repeated, which means finding support, breaking resistance at higher level, then finding support at that resistance and so on.. But even if that happens, these two lines which are now supportive would be considered as a strong uptrend resistance.

But if Bitcoin manages to find support at this uptrend zone, it shouldn't have any problems with heading back to the known support area and from there bulls are able to perform the same move as bears when they pushed from 8700 right to 7800.

My RSI is conscious of that Bitcoin is testing 12H last bullish level, which is 40.

That would be all from me!
If you think that I have forgot to mention something important, ask me down below!
Also I will post regular updates in any time frame to keep you guys updated with the most recent moves!

Thanks and good luck trading!

Comment: Here is quick 15 min update. You can see here that after the strong push down Bitcoin has seen a price of 7,770$ from it managed to bounce and immediately shown a strong uptrend, unfortunately got stopped by uptrend.. But never mind that as Bitcoin is currently in a flag with increasing demand. 15 min RSI is shows good looking uptrend currently second time testing the 40 level, which if gets broken, it would be a very good sign for Bitcoin! Then we would need to see how the upper resistance line will react.. will let you know soon.
Comment: Well, that was really quick. RSI has seen no resistance at 40 and immediately broke through. Now what Bitcoin needs to do, its to be more time at the upper resistance line, than just holding on support at lower lane. If Bitcoin can contentiously push the upper line it can break upwards!
Comment: On 5 min chart, hopefully this can give you a better idea of what I mean by pushing for resistance. If Bitcoin can keep more time in the higher area its more likely to push the price higher and if in the lower zone, its more likely to fall down.
Comment: 1H RSI is building some pressure...
Comment: Also the 30 min RSI is giving a good bullish sign of finding bottom.
Comment: This looks like an Ideal setup! Again at 15 min timeframe. Broke 7,900 and find support on it. Check. RSI has broke 40 and found support on it. Check. Two macd "slides" performed in a row. Check. I am not saying this will go now for 8,000 right now, but I am just pointing out the good signs which candles are giving to us.
Comment: Sorry for no recent updates, but I went to the gym an hour ago, but no worries. Next update will be posted soon, stay tuned!
Comment: Here is a 15 min update. RSI has broken resistance and its currently acting as support, also an uptrend was formed and its being currently tested. Current price is hovering between "those two" overall uptrend lines.
Comment: a Specimen illustration how RSI trend can change from resistance to support. This is a first thing I like to look like. Trends. How do they show the next moves. They can tell you really a lot. And this transition is just lovely in my opinion haha.
Comment: Many times you can see how RSI trend correlate with actual trendline, this is another thing that helps me determine the "real" uptrend. Also an uptrend is not always necessary for the price to move up, it can really be just the transition of resistance to support. On the chart you can see a that support area which currently acts as resistance area was tested twice, failed and found support pretty high. Soon may Bitcoin test this area once again.
Comment: Bitcoin is gaining strength. The rsi trend line acted next time as a resistance but found support at 40 at the same time with overall uptrend line with a quick bounce. Currently penetrating into resistance area.
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