After the massive bull candle we had on the 15th of October, the market has been relatively quiet and the global cap has been fluctuating between 208-211 billion for the past 12 days.
From a technical standpoint, Bitcoin is looking good at the moment.
A few key points:
- The trendline has been tested 4 times generally indicating a trend is well defined
- Chart patterns are forming a bull flag / falling wedge
- Psychological support (blue line) aligns with the .786 retracement support line at 6371
- The kumo has contracted to a degree that has not yet been witnessed this year. Until now. This indicates a large reduction in overall volatility and resistance. I would expect the price to test the weak point of the kumo illustrated by the green box.
- Stochastic RSI is nearing a historical bottom
- Relative Volatility Index has tested a support trendline of its own 4 times, and the topside resistance twice. To me, this volatility pattern is somewhat akin to a spring being coiled.
- The Kijun/Tenkan are both moving laterally which further confirms lacking volatility and acting as weaker resistance points
Due to the very well defined bottom we can see that's been tested, the large reduction of volatility indicates by the kumo, tenkan, kijun, RVI, in conjunction with the fibonacci levels, chart patterns, I am placing my weekly price targets between
6362 - 6837~
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From a technical standpoint, Bitcoin is looking good at the moment.
A few key points:
- The trendline has been tested 4 times generally indicating a trend is well defined
- Chart patterns are forming a bull flag / falling wedge
- Psychological support (blue line) aligns with the .786 retracement support line at 6371
- The kumo has contracted to a degree that has not yet been witnessed this year. Until now. This indicates a large reduction in overall volatility and resistance. I would expect the price to test the weak point of the kumo illustrated by the green box.
- Stochastic RSI is nearing a historical bottom
- Relative Volatility Index has tested a support trendline of its own 4 times, and the topside resistance twice. To me, this volatility pattern is somewhat akin to a spring being coiled.
- The Kijun/Tenkan are both moving laterally which further confirms lacking volatility and acting as weaker resistance points
Due to the very well defined bottom we can see that's been tested, the large reduction of volatility indicates by the kumo, tenkan, kijun, RVI, in conjunction with the fibonacci levels, chart patterns, I am placing my weekly price targets between
6362 - 6837~
Join our discord or download our app to receive free trade signals and more! (:
Comment:
Last night, the overall market cap for crypto fell from ~208 billion to ~202 billion. After shedding ~6 billion, the price of Bitcoin tested the trendline for the 5th time, and it is currently acting as strong support.
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