Hello Friends,
Here is a quick look at BTC.
I would like to point out that we are in a Ascending Price channel which had a upper, middle and lower level until the price broke through the upper channel level and formed a new higher level. Since then we had seen a big drop but had ended up developing a hammer candle on the 8hr chart at the bottom of the RSI with oversold conditions and then we had watched BTC slowly climb up as did the RSI creating a signal to buy.
Also noted is an RSI Divergence which had begun April 5th until now. We are seeing a possible recovery in the making and possibly higher highs in the near future. However since the break of the channel we had watched BTC create another smaller channel with the back and forth motion of the price.
Now the thing to watch for is which way the price will go. If it breaks upper levels, then we will see targets of higher highs. Yet if it breaks below the lower level of the channel, then we can expect a retracement as seen on this chart.
Details on the chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Here is a quick look at BTC.
I would like to point out that we are in a Ascending Price channel which had a upper, middle and lower level until the price broke through the upper channel level and formed a new higher level. Since then we had seen a big drop but had ended up developing a hammer candle on the 8hr chart at the bottom of the RSI with oversold conditions and then we had watched BTC slowly climb up as did the RSI creating a signal to buy.
Also noted is an RSI Divergence which had begun April 5th until now. We are seeing a possible recovery in the making and possibly higher highs in the near future. However since the break of the channel we had watched BTC create another smaller channel with the back and forth motion of the price.
Now the thing to watch for is which way the price will go. If it breaks upper levels, then we will see targets of higher highs. Yet if it breaks below the lower level of the channel, then we can expect a retracement as seen on this chart.
Details on the chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Trade active:
Don't Sell the farm just yet. Look at this before you decide.
Comment:
Sorry Typo Correction on Golden Cross