Let's see how BTC is behaving.
This is a weekly chart.
If we take a look at Bitcoin with this scale, we can see that the price has been going up in an uptrend channel. Right now the price is hitting the lower band and now we 'might' see an uptrend move after confirmation.
Support: $32000
Resistance Area: $69000
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $39140
Let me know your ideas.
Good luck.
This is a weekly chart.
If we take a look at Bitcoin with this scale, we can see that the price has been going up in an uptrend channel. Right now the price is hitting the lower band and now we 'might' see an uptrend move after confirmation.
Support: $32000
Resistance Area: $69000
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $39140
Let me know your ideas.
Good luck.