To analyse this we look at bitcoin's hourly chart. The price is now close against the falling black trend line. As long as this is not broken, the price will continue to fall. Furthermore, the pink line at $ 51,000 is now a strong resistance.
If we look at the RSI, there is a good chance that bitcoin will break through the falling trend line, because there is a divergence between the RSI and the bitcoin price. This means that the price is falling, but the RSI is rising. We have indicated this on the graph with the black lines. This divergence is often a prediction for a price increase.
Bitcoin has likely bottomed at $ 45,000 -->yellow line.
The black trend line now becomes very interesting to follow. Does bitcoin break through that? Then we can look further up. If not then the price will fall back.
Let me know what you think? Will it break through the black trend line? or not?
If we look at the RSI, there is a good chance that bitcoin will break through the falling trend line, because there is a divergence between the RSI and the bitcoin price. This means that the price is falling, but the RSI is rising. We have indicated this on the graph with the black lines. This divergence is often a prediction for a price increase.
Bitcoin has likely bottomed at $ 45,000 -->yellow line.
The black trend line now becomes very interesting to follow. Does bitcoin break through that? Then we can look further up. If not then the price will fall back.
Let me know what you think? Will it break through the black trend line? or not?