TiborVrbovsky
Long

Bitcoin - a Healthy Trend.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey! I am back with another Bitcoin Chart.

Last time I was writing about Bitcoin weekly and came to a decision that it would a less riskier to Tether, as that could lead to a nasty Pinbar, so I did as I was uncertain if the downtrend can be broken.

Weekly candle has closed and it looked pretty fine and when I was looking at shorter time frames I spotted that we have a pretty healthy trend, so I got out from Tether.

From this chart you can see that people like you and me are just buying Bitcoin for the investment and for the future of decentralization!

So lets look at chart.


In few words, a very healthy trend, of course there are still very steep moves, but thats mostly because of finding ressistance and some little move will turn on bot, and that bot with that trades will turn another and so on.. bassicaly a bot chain reaction.

Its very healthy to find ressistance and one point and after a while find support at this level, this is how a healthy market should act like.

I think in the chart is this transition from ressistance to support clear.

Looking at RSI, or in another words, demand.

I am surprised that even after such move, RSI isnt falling on 1h timeframe under 40, and maintans to show a significant moves from this area.
Overall demand is highly above average.

Conclusion.

It looks like Bitcoin is in a triangle and If Bitcoin breaks the last ressistance, another steep move upwards can be expected. From the overall chart look it looks very promising! Also the EMAs are poiting that pressure is being build.


Hopefully I made my point of view at Bitcoin clear to you!

really do appreciate each "Agree" hit!

If You have any questions or want to dislocate something let me know down bellow in comments.

Thanks for your time and good luck trading!

I think the CME expiration date has a major impact on BTC's trend transition.

Reply
Great write up, thank you.

re: RSI; would you not consider the pattern from April 6 to current to show a bearish divergence?
+1 Reply
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