Hey! I am back with another Idea, this time looking at Bitcoin.
Bitcoin has seen pretty strong rally, which was set off by breaking uptrend resistance and finding strong support on it. See in the chart (X)
This rally has stopped at 7,400$ per Bitcoin at where has RSI given a bearish sign of triple top of demand for Bitcoin which has pointed into a correction which is currently being seen.
Also the steep uptrend was broken and Bitcoin did not manage to break it and continue in this sharp uptrend. (XY)
Its not a bad sign that the fall is such steep because of the candles, which are looking very well and if Bitcoin manages to hold above 7,000$, 6,800$ or even a 6,500$ that would be still a healthy outcome from this Rally.
Looking at what can happen next.
Alt season is coming real soon. Its really a shame that Binance has suspended all pairs deposits and withdrawals as this is from where the most money is exchanged for to altcoins from Bitcoin.
But lets focus on Bitcoin, there three possible options.
1. RSI will find support at uptrend or at 40 level where it will see another demand spike and the rally can continue again.
20% chance
2. Bitcoin find support at 6,800$ and from there some sideways moves will be seen while alt coins will rise in price.
50% chance
3. Bitcoin fails to hold 7,000$, 6,800$ and find support at strong level of 6,500$ and from there see some sideways moves while alt coins rise in price slightly lower than if Bitcoin was few hundreds of dollar more valuable.
30% chance.
I will update this chart continuously, if I see something interesting in Bitcoin Chart in next hours or on another time frame!
Thanks for you time and good luck trading!
Bitcoin has seen pretty strong rally, which was set off by breaking uptrend resistance and finding strong support on it. See in the chart (X)
This rally has stopped at 7,400$ per Bitcoin at where has RSI given a bearish sign of triple top of demand for Bitcoin which has pointed into a correction which is currently being seen.
Also the steep uptrend was broken and Bitcoin did not manage to break it and continue in this sharp uptrend. (XY)
Its not a bad sign that the fall is such steep because of the candles, which are looking very well and if Bitcoin manages to hold above 7,000$, 6,800$ or even a 6,500$ that would be still a healthy outcome from this Rally.
Looking at what can happen next.
Alt season is coming real soon. Its really a shame that Binance has suspended all pairs deposits and withdrawals as this is from where the most money is exchanged for to altcoins from Bitcoin.
But lets focus on Bitcoin, there three possible options.
1. RSI will find support at uptrend or at 40 level where it will see another demand spike and the rally can continue again.
20% chance
2. Bitcoin find support at 6,800$ and from there some sideways moves will be seen while alt coins will rise in price.
50% chance
3. Bitcoin fails to hold 7,000$, 6,800$ and find support at strong level of 6,500$ and from there see some sideways moves while alt coins rise in price slightly lower than if Bitcoin was few hundreds of dollar more valuable.
30% chance.
I will update this chart continuously, if I see something interesting in Bitcoin Chart in next hours or on another time frame!
Thanks for you time and good luck trading!
Comment:
Oops! I have posted an update as an comment, never mind, here is 15 min RSI which has found some support and confirmed it is looking to test 40 level, this level has to broken to show the way for the hourly RSI to stay above 40.
Comment:
40 rsi broken, downtrend broken.. is this a beginning of another wave?
Comment:
Nice RSI uptrend at 4H chart, also the fact that after such rally Bitcoin managed to find support even on such long timeframe above 60 is a very good bullish sign. 7050 is current ressitance.
Comment:
Bitcoin in ascending formation, 7150 looks like the key ressitance on lower timeframe. Another leg up is likely to be seen.
Comment:
Very strong moves can be still seen, another ascending formation.. another leg up can be seen again!