Bitcoin 24H analysis:
Hello and warm greeting to all lovely investors and traders all around the world.
In the last 2 months, $BTC was ranging in the gray channel and it's been a really difficult time for all investors and especially for traders.
As can be seen in the chart $BTC is trying to retest the resistance zone in the 41.5 - 43K area, if $BTC breaks the resistance level it can rapidly gain momentum and it will soar really quickly and will trend above 50K(Scenario 1), on the other hand, failing to break the resistance zone will push back $BTC price to lower channel and possibly even lower(Scenario 2).
$BTC needs to break this range as all investors and traders are losing patience.
My personal opinion: scenario 1 is more likely to occurs.
The reason I chose scenario 1 over 2 is the bad news about $BTC is fading out and when the bad news fades out the good news will start to appear.
"U.S. SENATOR ELIZABETH WARREN SAYS DIGITAL CURRENCY AND CENTRAL BANK DIGITAL CURRENCY MAY BE AN ANSWER TO HELP THE UNBANKED INTO THE FINANCIAL SYSTEM - CNBC"
Indicator analysis:
RSI looks strong here and is back above 65, which we haven't seen for the last 2 months & it's indicating that the bulls are taking control again😍.
MACD looks excellent here on a daily chart & the fast line moving avg crossed above the slow line which is a really bullish sign.
* OBV( ON BALANCE VOLUME) which is a volume-based indicator is signaling that $BTC has been accumulated and it's ready to break the old range, however, further confirmation is required.
Note: This is the work of A Private Trader and NOT A Licensed Professional and can be wrong, Please do your own DD & Research.
Thanks for reading it.
Hello and warm greeting to all lovely investors and traders all around the world.
In the last 2 months, $BTC was ranging in the gray channel and it's been a really difficult time for all investors and especially for traders.
As can be seen in the chart $BTC is trying to retest the resistance zone in the 41.5 - 43K area, if $BTC breaks the resistance level it can rapidly gain momentum and it will soar really quickly and will trend above 50K(Scenario 1), on the other hand, failing to break the resistance zone will push back $BTC price to lower channel and possibly even lower(Scenario 2).
$BTC needs to break this range as all investors and traders are losing patience.
My personal opinion: scenario 1 is more likely to occurs.
The reason I chose scenario 1 over 2 is the bad news about $BTC is fading out and when the bad news fades out the good news will start to appear.
"U.S. SENATOR ELIZABETH WARREN SAYS DIGITAL CURRENCY AND CENTRAL BANK DIGITAL CURRENCY MAY BE AN ANSWER TO HELP THE UNBANKED INTO THE FINANCIAL SYSTEM - CNBC"
Indicator analysis:
RSI looks strong here and is back above 65, which we haven't seen for the last 2 months & it's indicating that the bulls are taking control again😍.
MACD looks excellent here on a daily chart & the fast line moving avg crossed above the slow line which is a really bullish sign.
* OBV( ON BALANCE VOLUME) which is a volume-based indicator is signaling that $BTC has been accumulated and it's ready to break the old range, however, further confirmation is required.
Note: This is the work of A Private Trader and NOT A Licensed Professional and can be wrong, Please do your own DD & Research.
Thanks for reading it.
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