** Short term analysis, 8hr chart **
The “Bitcoin to surprise most with move to $70k” idea in the month of May (below) used a very simple technical analysis technique. Something every aspiring chart analyst should know:
1) Support & resistance.
2) The trend.
Of all the questions Without Worries receives, 99% are answered just by observing those two mysterious phenomena.
On the above 8hr chart price action has been in a resistance downtrend since the start of June. That downtrend resistance is broken. On trend, price action has printed a higher low.
Price action support & resistance AND trend changes are also applicable to RSI. The combination of those observations on price action AND RSI is important.
Is it possible price action continues lower to 56k as some are calling for? Sure.
Is it probable? No!
Ww
Bitcoin to surprise most with move to $70k
The “Bitcoin to surprise most with move to $70k” idea in the month of May (below) used a very simple technical analysis technique. Something every aspiring chart analyst should know:
1) Support & resistance.
2) The trend.
Of all the questions Without Worries receives, 99% are answered just by observing those two mysterious phenomena.
On the above 8hr chart price action has been in a resistance downtrend since the start of June. That downtrend resistance is broken. On trend, price action has printed a higher low.
Price action support & resistance AND trend changes are also applicable to RSI. The combination of those observations on price action AND RSI is important.
Is it possible price action continues lower to 56k as some are calling for? Sure.
Is it probable? No!
Ww
Bitcoin to surprise most with move to $70k
Trade active
Ignore the media.Ignore the FUD.
Ignore the trolls.
Do not ignore the chart.
Daily
Trade closed: stop reached
Support is sliced through like butter!Trade active
You know what, this is not what it seems. Starting to look like a massive rug pull.16% correction in the last 4 days. Look left. Over the last 5 years such corrections inside a short window of time, this happens. A v-shaped recovery. (excluding the pandemic correction of 2022).
But only when price action was in a bull market. We remain in a bull market.
Note
A little observation on the 2-day chart which prints today and would confirm nicely with the chart directly above.Notice the Dragonfly DOJI currently printing? Look left, black circles.
Trade active
5k to go....Trade active
See the candle print for today's daily chart? Powerful enough to catapult price action to target.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.