And I was right! Not only did we have a double bottom (in orange), but we broke out of it last night. Additionally, we have already broken the resistance of the next level. I thought it would take us a few days, but
BTCUSD
never ceases to amaze me. What's in store for this week? Read my analysis to find out.
Analysis:
The next level of resistance is ~$56k. But will we get there without a bump?
The RSI is starting to signal overpriced, but not too much (we are barely out of the 70% line). Also, you can see that the same level at which BTC was considered overpriced (71. 63%) just a few hours ago (Mar 8 at 7PM EST) for the price of $53,912.70, is now valued at $54,274,80. This tells me that the market is slowly accepting this new level of support/resistance (~52k-54k) into which we just broke.
Looking at the MACD, the lines show no sign of crossing or even getting closer, so this tells me that more growth is coming (or at leas, that the price will stabilize at this point). The green bars are getting closer together (as opposed to a more exponential growth (like, for example, on Feb 12 19:00 to Mar 01 15:00).
On the other hand, the volume is low (which means people are sitting on the fence). After the jump from ~52k to 54k last night (this morning in Asia) most traders seem to be out of the market and waiting to see what will happen.
From a pattern perspective, we seem to be in a cup with handle (pink), but I've been wrong with that pattern before (I need to learn more about it), so I'm not puting all my bets on it
Conclusion/TLDR:
It's a bit hard to tell right now what will happen, but I have quite a few followers now, so I wanted to make an analysis to make sure you guys had something to think about.
Let's work with what we've got and summarize all the different pointers.
* We have 2 points for consolidation (RSI, MACD bars)
* We have 2 points for growth (MACD lines, cup and handle)
I think in the next 8-12 hours the price will consolidate at the ~52k-54k mark, before seeing a jump into ~56k.
Disclaimer:
This is not financial or investment advice, just my idea. Cryptocurrency is very volatile and risky. Only invest what you are comfortable loosing.
BTCUSD
never ceases to amaze me. What's in store for this week? Read my analysis to find out. Analysis:
The next level of resistance is ~$56k. But will we get there without a bump?
The RSI is starting to signal overpriced, but not too much (we are barely out of the 70% line). Also, you can see that the same level at which BTC was considered overpriced (71. 63%) just a few hours ago (Mar 8 at 7PM EST) for the price of $53,912.70, is now valued at $54,274,80. This tells me that the market is slowly accepting this new level of support/resistance (~52k-54k) into which we just broke.
Looking at the MACD, the lines show no sign of crossing or even getting closer, so this tells me that more growth is coming (or at leas, that the price will stabilize at this point). The green bars are getting closer together (as opposed to a more exponential growth (like, for example, on Feb 12 19:00 to Mar 01 15:00).
On the other hand, the volume is low (which means people are sitting on the fence). After the jump from ~52k to 54k last night (this morning in Asia) most traders seem to be out of the market and waiting to see what will happen.
From a pattern perspective, we seem to be in a cup with handle (pink), but I've been wrong with that pattern before (I need to learn more about it), so I'm not puting all my bets on it
Conclusion/TLDR:
It's a bit hard to tell right now what will happen, but I have quite a few followers now, so I wanted to make an analysis to make sure you guys had something to think about.
Let's work with what we've got and summarize all the different pointers.
* We have 2 points for consolidation (RSI, MACD bars)
* We have 2 points for growth (MACD lines, cup and handle)
I think in the next 8-12 hours the price will consolidate at the ~52k-54k mark, before seeing a jump into ~56k.
Disclaimer:
This is not financial or investment advice, just my idea. Cryptocurrency is very volatile and risky. Only invest what you are comfortable loosing.
