With Bitcoin (BTC) making history and declining 9 weeks in a row what does this mean for digital golds future?
My prediction is the bottom is in and we will see Bitcoins price stabilise from here on before the next bull run.
Looking at my technical analysis the following key indicators and metrics tell me the worst maybe behind us and Bitcoin has found its bottom as illustrated with the following analysis.
1. Horizontal trading volume between the $28000 and $32000 zone was almost flat and increased significantly over the last week.
2. Vertical trading volumes are at all-time highs showing increased trading activity during this period indicating a good demand zone with buyers feeling this is an excellent price to purchase bitcoin at.
3. Stochastic RSI indicator trigger line just crossed over from the oversold zone indicating that bitcoin is at a good buying price and will increase from here as it moves back upward.
4. Price is currently hovering around the 0.618 Fibonacci level which has proven to be a strong resistance level on 2 prior occasions around January 2021 and June 2021.
5. The long wicks below the last 3 red candles also show buyers are stepping in to take control from the bulls as they see value at the current price and do not want to miss an opportunity to purchase at these levels.
Hope you enjoyed my first published idea, feedback welcome.
My prediction is the bottom is in and we will see Bitcoins price stabilise from here on before the next bull run.
Looking at my technical analysis the following key indicators and metrics tell me the worst maybe behind us and Bitcoin has found its bottom as illustrated with the following analysis.
1. Horizontal trading volume between the $28000 and $32000 zone was almost flat and increased significantly over the last week.
2. Vertical trading volumes are at all-time highs showing increased trading activity during this period indicating a good demand zone with buyers feeling this is an excellent price to purchase bitcoin at.
3. Stochastic RSI indicator trigger line just crossed over from the oversold zone indicating that bitcoin is at a good buying price and will increase from here as it moves back upward.
4. Price is currently hovering around the 0.618 Fibonacci level which has proven to be a strong resistance level on 2 prior occasions around January 2021 and June 2021.
5. The long wicks below the last 3 red candles also show buyers are stepping in to take control from the bulls as they see value at the current price and do not want to miss an opportunity to purchase at these levels.
Hope you enjoyed my first published idea, feedback welcome.
