I observed on Bitcoin a possible range or correction, during the previous highest point, last week.
First, Bitcoin has a very strong resistance, around $60k and we can see the difficulty to beat this one. This step represent the golden number, according to Fibonacci retracement.
Since last week-end and the strong correction days, Bitcoin found a support around $52 300 and is now struggling to hold this support. I was looking for a triple bottom formation on this support, but the signal isn't here yet (on 4h chart...).
Also, MACD and RSI are starting to slow down and this move worry me : on MACD, both lines are about to crosse and RSI is, for the moment, is below 70 RSI. (on weekly chart)
We still have to wait for the end of the week for the confirmation, but it's clear that uptrend is slowing down.
It's good to say : if we break the 52k support, we have a high probability to go back to the next support, around 42k.
The best scenario would be to see a long range during the next days / weeks, for having a nice "reset" on the different indicators. It could permit to go up again and maybe break the 100k objective who knows...
Do not hesitate to give your opinion on this situation !
Let's see the evolution...
First, Bitcoin has a very strong resistance, around $60k and we can see the difficulty to beat this one. This step represent the golden number, according to Fibonacci retracement.
Since last week-end and the strong correction days, Bitcoin found a support around $52 300 and is now struggling to hold this support. I was looking for a triple bottom formation on this support, but the signal isn't here yet (on 4h chart...).
Also, MACD and RSI are starting to slow down and this move worry me : on MACD, both lines are about to crosse and RSI is, for the moment, is below 70 RSI. (on weekly chart)
We still have to wait for the end of the week for the confirmation, but it's clear that uptrend is slowing down.
It's good to say : if we break the 52k support, we have a high probability to go back to the next support, around 42k.
The best scenario would be to see a long range during the next days / weeks, for having a nice "reset" on the different indicators. It could permit to go up again and maybe break the 100k objective who knows...
Do not hesitate to give your opinion on this situation !
Let's see the evolution...