danielbil

BTCUSDT Bullish Short Term

BINANCE:BTCUSDT   Bitcoin / TetherUS
BTCUSDT has successfully bounced off the bottom Bollinger Band and after a short struggle, overcome the Point of Control on the Fixed Range Volume (indicator) which now acts as support along with the three uptrend lines. The uptrends with a smaller gradient are more secure and thus will be respected for longer whilst the high gradient ones will be respected for a shorter time period. Moving Average Convergence Divergence indicator (MACD) has also formed a golden cross and is now appearing bullish again. The Relative Strength Index (RSI) has been in an uptrend as well since 11th April 20:00 whilst price of BTC has been stagnant and even a little bearish therefore this conveys that although price is falling, market sentiment is risign and gaining strength. The RSI is forming a rising wedge pattern which will mostly likely break below thus illustrating the price to be underbought. The price will most likely correlate with the RSI and thus I have indicated the timeframes and the approximate price at which the price of BTC will fall (after having risen some) (blue box with text), or there can also be a divergence in the price of BTC and its RSI in which case this will be a RSI Divergence and depict a weakening in the momentum of the uptrend, however price will take some time to fall back down instead of falling rapdily like the former scenario.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.