If you remember from my last analysis, I mentioned the possibility of Bitcoin finding support at $6585 level. However, Bitcoin failed to find support at $6585 and potentially found a new support around $6350. After this bear market cycle, I feel the market sentiment is becoming stronger and better.
Looking at the daily chart, it is clear and intuitive that Bitcoin is keep getting lower highs and lower lows since beginning of this year. However, in past two market cycle, we start to see that bitcoin is getting higher lows instead of lower lows, which is a bullish sign. Additionally, we start to see that tightening equilibrium is forming in both RSI and MACD. We also see that Bollinger's band is starting to narrowing down, and all those indications are telling me that there will be huge price action in very near future.
For now, I am very bullish on Bitcoin and I already started to accumulate more bitcoin around $6400 range. If Bitcoin can go above $6800 in upcoming rally, that will confirm the trend change from bear to bull, and I already set my target around $7000. On the other hand, my bullish view will be invalidated if Bitcoin goes below $6100.
Happy trading!!
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As expected, bounce at $6400 level. Hopefully Bitcoin will test $6585 today!