Hey, I am back with another Bitcoin Idea.
For past month, Bitcoin has been acting pretty stable following slight uptrend.
Low volume, neutral macd, neutral RSI(40-60), ema almost going in a straight line.
What does this mean for Bitcoin?
For alts being very stable for a longer period of time, with low volume, ussualy a sharp move is expected.(my favorite types of trades in term of risk/reward)
For example ripple hovering around 18-21 cents for 200 days and then breaking to almost 3 in few weeks, but as Bitcoin, the indicator for crypto market, this may be a little different.
Of course, even Bitcoin can see such moves, but its not easy to predict a bull run from this situation as the volume is now fairly unpredictable, no need for clickbait.
But you havent clicked on this TA to know what is unpredictable, but you are curious about Bitcoin current crossroad, lets look at it together.
These are three most likely ways.
Green, quick green candle to test 6800, accumulate for a while and then test 7100 from where it may test even 7400, all of these 3 levels are considered as strong ressistance levels.
Blue, boring sideways uptrend, testing few times 6800, which will form ascending triangle which is a bullish pattern, but I have seen many Ascending triangles breaking downward even in strong uptrend.
Downward break would mean likely retest of 6200-6100 forming another uptrend and here we go again.
Uptrend break would mean test of 7000-7100 level with retest of 6800 as support level.
Red, the triangle will break downward, testing 6100 - 5800, level as the bounce support level.
If you like this Technical Analysis , and I made your view on current Bitcoin situation somehow clearer, let me know by hitting that agree button, I really do appreciate each one as it motivates by spending more time on doing TA´s, Thanks a lot!
For past month, Bitcoin has been acting pretty stable following slight uptrend.
Low volume, neutral macd, neutral RSI(40-60), ema almost going in a straight line.
What does this mean for Bitcoin?
For alts being very stable for a longer period of time, with low volume, ussualy a sharp move is expected.(my favorite types of trades in term of risk/reward)
For example ripple hovering around 18-21 cents for 200 days and then breaking to almost 3 in few weeks, but as Bitcoin, the indicator for crypto market, this may be a little different.
Of course, even Bitcoin can see such moves, but its not easy to predict a bull run from this situation as the volume is now fairly unpredictable, no need for clickbait.
But you havent clicked on this TA to know what is unpredictable, but you are curious about Bitcoin current crossroad, lets look at it together.
These are three most likely ways.
Green, quick green candle to test 6800, accumulate for a while and then test 7100 from where it may test even 7400, all of these 3 levels are considered as strong ressistance levels.
Blue, boring sideways uptrend, testing few times 6800, which will form ascending triangle which is a bullish pattern, but I have seen many Ascending triangles breaking downward even in strong uptrend.
Downward break would mean likely retest of 6200-6100 forming another uptrend and here we go again.
Uptrend break would mean test of 7000-7100 level with retest of 6800 as support level.
Red, the triangle will break downward, testing 6100 - 5800, level as the bounce support level.
If you like this Technical Analysis , and I made your view on current Bitcoin situation somehow clearer, let me know by hitting that agree button, I really do appreciate each one as it motivates by spending more time on doing TA´s, Thanks a lot!
Comment:
Some volume is showing up after a while, 15min macd test, rsi finding support at 50 levels, which it would be ideal to hover above 60, way to go for Bitcoin.
Comment:
Bitcoin volume MA is seeing her lowest lows, will we see this trend continue or sharp volume may come out of nowhere and stays? Lets see.
Comment:
Crazy low volume..