$XBTUSD - Bitcoin Technical Analysis - Things still look Good

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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Let us talk about Bitcoin from Daily time-frame perspective. Bitcoin had a good run in the past few days and was rejected exactly around the 4 months high i.e. at 10550$ on 13th Feb'20 and since then has been moving downwards. This has pushed many people to call for lows however in my opinion, things are still bullish and we should bounce off from the strong history daily support (represented by Blue Dotted Line) at 9864$ levels.

If above level does not hold then the next good support is at around 9000$ levels, however in my opinion we would not reach there.

Further, if we look at the 4hr Charts with RSI (Not represented in the chart here), we would see that there is a hidden Bullish Divergence which is already completed and price action should support upward momentum.

OBV ( On Balance Volume ) also looks strong even though we had a good red candle yesterday.

Thanks for reading through the ideas. Would love to hear from you in form of comments below.

Please do your own research as well.

Yo Crypto

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