Bitcoin Analysis - End of bear market, now what ?
In my previous idea on Bitcoin, I was calling for ranging period. RSI did break out of its 3 months resistance, as well as price. This is sets up a change of trend.
Now on the daily it looks like RSI is building an ascending support with already two touches, and maybe a third to be confirmed soon as a few more bars will close.
When price broke through the 20 days EMA, it was with a lot of strength. The EMA acts like a magnet for the price. It it keeps trading above the EMA, we can consider the trend bullish. Today's price just touched the EMA perfectly before climbing back up. The EMA could act as a support for the price.
Key levels to watch in daily:
The 0.236 is surprisingly making one with the EMA 20. How beautiful is that ?
We can see the next target for the bulls behind around 46750.
On the 4 hours chart, we can see that unlike the month of january where price have been trading below the VWAP, we have been trading above it since the beggining of february. Price is currently touching the VWAP which could act as a support if we don't break below it. The deviation bands can be used as targets.
Looking at Bitcoin Dominance, we have an interesting pattern here that looks like a descending triangle which is a bearish pattern.
This said the dominance seems to be making support around the 40% mark so we'll see.
An increase in Bitcoin dominance often means an increase in price, since money flows into it instead of other coins.
Now on the daily it looks like RSI is building an ascending support with already two touches, and maybe a third to be confirmed soon as a few more bars will close.
When price broke through the 20 days EMA, it was with a lot of strength. The EMA acts like a magnet for the price. It it keeps trading above the EMA, we can consider the trend bullish. Today's price just touched the EMA perfectly before climbing back up. The EMA could act as a support for the price.
Key levels to watch in daily:
The 0.236 is surprisingly making one with the EMA 20. How beautiful is that ?
We can see the next target for the bulls behind around 46750.
On the 4 hours chart, we can see that unlike the month of january where price have been trading below the VWAP, we have been trading above it since the beggining of february. Price is currently touching the VWAP which could act as a support if we don't break below it. The deviation bands can be used as targets.
Looking at Bitcoin Dominance, we have an interesting pattern here that looks like a descending triangle which is a bearish pattern.
This said the dominance seems to be making support around the 40% mark so we'll see.
An increase in Bitcoin dominance often means an increase in price, since money flows into it instead of other coins.
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Ethereum once again outran Bitcoin in the move up.