It looks like bitcoin will go upward, directly to the next significant resistance zone between $8300 - $8500. Then retrace to $7000-$6000 zone could happens.
Comment:
Pay attention to MACD Bearish Div on 4H chart.
Comment:
1W chart ... Bitcoin is crossing significant Pivot point :-)
Comment:
So, Bitcoin went up, touched next resistance zone and marked $8330 level. But we can see that Bitcoin was rejected by this resistance zone and Bitcoin is currently trading slightly above $7600.
What we can expect from Bitcoin now? If we look at daily indicators - MACD remains green, but today's column is lower. RSI is moving in overbought levels and we should pay attention to it. At the same time, bearish divergence appears to be formed. The top line of BB channel remains below the current price of Bitcoin. Let's not forget that the price tends to go back to the channel.
When I look at the current price action - now, it seems that bearish formation "Shooting star" is formed, but it must be corfimed by the next red candle before we consider it as valid pattern. Btw, the shooting star does not matter the color of the candle.
Summary - if you missed this ride, do not buy BTC now. Wait for $8500 breakthrough! On the other hand, if you are in BTC just set stop loss and keep it updated and pay attention to $7500/$7200/$6800 support levels.
What we can expect from Bitcoin now? If we look at daily indicators - MACD remains green, but today's column is lower. RSI is moving in overbought levels and we should pay attention to it. At the same time, bearish divergence appears to be formed. The top line of BB channel remains below the current price of Bitcoin. Let's not forget that the price tends to go back to the channel.
When I look at the current price action - now, it seems that bearish formation "Shooting star" is formed, but it must be corfimed by the next red candle before we consider it as valid pattern. Btw, the shooting star does not matter the color of the candle.
Summary - if you missed this ride, do not buy BTC now. Wait for $8500 breakthrough! On the other hand, if you are in BTC just set stop loss and keep it updated and pay attention to $7500/$7200/$6800 support levels.
Trade closed: target reached:
faster than i expected :-)