CrypTedor

Bitcoin, Oversold RSI & Support Area Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is near the long-term Bullish Trendline that may act as a Bounce Spot. That area is the Second Interesting Spot that we identified more than a week ago. The first support (red area) became Resistance after the breakout.
RSI is also getting Oversold and, as you can see from the chart, the lower band acted as a Strong Support before.
Remember that one of the primary principles of Technical Analysis is that History Repeats Itself!
If this level will break down, there is also our Third Support Area below to be tested (green area).

In the previous long-term Analysis we talked about the Triangle Pattern and, as we have said before, it's in the final phase and the Breakout is close.
  • The bullish breakout will easily skyrocket the price nearby 2017 highs
  • The bearish breakout will be confirmed only if the price will break also the support zone below

Sky is not the Limit

The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.

Comments

nice chart ;-)
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CrypTedor Doc-al-Citadel
Hi @qdoc, thank you!
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@CrypTedor, ;-)
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