Bitcoin broke down once more, yet our support (marked green from previous analysis) held nicely and price quickly bounced after hitting $3462 as a low.
We see a bullish hammer and some strong bullish divergence coming up on the MACD.
The rsi+Mfi indicator is also giving a buy signal, coupled with the bullish MACD crossover. A small catalyst is needed and Bitcoin can make a jump.
As for support and resistance levels for Bitcoin we have the following:
SUPPORT: Same green area as before. If BTCUSD moves down, this is where it will find support. If it breaks, the next support is sitting at $3383 followed by $3223 on this time frame.
RESISTANCE: On the way up, the immediate resistance is at $3674 marked by EMA50 (magenta), followed by $3870 next.
You believe that Bitcoin can now move up after testing support, or you think that Bitcoin will test this support again and break?
Let me know in the comments section...
Namaste.
Comment
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RESULTS! I would like to share with you some of my results. Click on the images/links and then hit PLAY/LIKE to check them out.
@alanmasters, Yes Bulls have continually failed to push pass 55EMA on daily and weekly chart we are still hovering around 200MA a breaking of this would be detrimental and is a very important level and although we have not broken it yet bulls are not showing strong volume and pushing above it. Ever ytime we come to the 55EMA bulls get hammered down by the bears. Proving Bears are still very much in charge. Plus volume is weak in general and you can clearly see any temporary pumps are done by bots. We need to see a retest of 3100 level to prove this is any kind of bottom which is yet to be seen. This is nothing but temporary bot related pumps. It will not be sustainable for much longer as Bears will eventually come in and push the price down to the bottom for a retest.
BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
AlanSantana
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@Boon2, Great job at promoting this chart, you are getting good traffic.
Keep up the good work.
Boon2
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@alanmasters, Yes H4 idea's tend to last a few month's like I mentioned in the detail's of the idea. While it's still playing out I see no need to put out a new idea so I will do my best to make sure as many people as possible get to see what i'm expecting. I'll update to a new idea for the Z down after I think the correction is over.
I have a D1 idea that's still current from 6mth or so back, maybe I could mix them up a bit?