Median line analysis on Bitcoin 6h time frame.
It is important to know where bitcoin is headed towards to make our decision on trading the alts.
Notes:
- Price has been respecting the blue modified schiff pitchfork, Currently we have the 200 daily moving average crossing path with the blue action line (the blue upper parallel line). This is an energy point and we dont know which way price will go, however one of the median line principles suggests that price has 80% chance of reaching back to the median line.
- RSI is overextended to the upside.
- Price has rallied 40%
Let's see if we are going to retest supports or reach for a new level.
Good luck.
It is important to know where bitcoin is headed towards to make our decision on trading the alts.
Notes:
- Price has been respecting the blue modified schiff pitchfork, Currently we have the 200 daily moving average crossing path with the blue action line (the blue upper parallel line). This is an energy point and we dont know which way price will go, however one of the median line principles suggests that price has 80% chance of reaching back to the median line.
- RSI is overextended to the upside.
- Price has rallied 40%
Let's see if we are going to retest supports or reach for a new level.
Good luck.