Bitcoin (#BTC): LONG Targets
In my previous post I mentioned some bearish signs on 1W chart. I recommend you to keep these information in your mind. Summary - RSI becomes more flat and MACD histogram reaches lower values. Also, Volume is decreasing, but the price is increasing.
Today, let's look at lower TFs.
On 1D chart, Bitcoin developing potential Bearish Div - the price makes HH, but RSI and MACD make LH.
On 4H chart, also Bitcoin developing potential Bearish Div on RSI.
For 1H chart, Bitcoin is consolidating now and current price action is very similar to previous one. We can see a mix of patterns - The Channel and the Triangle.
Summary - i can see a good chance that Bitcoin goes above $9K in short-term. However, as I said earlier, the market is starting to broadcast more bear signals. So, long-term, I remains bearish. My current strategy is simple - us tight stop loss and enjoy gains.
We have some interesting things on 1D chart:
- Evening Star candlestick pattern closing yesterday's trading day.
- Swing high.
Both signs are bearish.
On 1H chart - Bitcoin still moving inside the channel, but the channel's bottom has been tested many times and that means it becomes more weaker. There is a high probability of further price decline.
Summary - bitcoin should move up as soon as possible, otherwise traders will start selling.
Summary of the current situation with Bitcoin.
- 1H chart = except MA200, remaining MAs are above the current price and they turned into resistance levels. From that point, MA200 form support level at $8315. RSI and MACD have already turned to Bearish.
- 4H chart = I just want to mention that interesting support level is also at around $8315, just like on 1H chart. On 4H, the next significant support is located at around $8K. RSI and MACD are bearish. BTW, pay attention to a shape of BB. It is very narrow, so we can expect a significant price movement in the coming hours or days.
- 1D chart = is not clear to me, a lot of mixed signals.
> 1H = BB very narrow shape indicating the significant price movement is coming. RSI is slighty above 50 level. MACD is just before bullish crossover. MACD's histogram also looks good.
> 4H = current price is below BB's Basis line. RSI is slightly increasing and just approached 50 level. MACD is performing Bullish Crossover on Centre Line. Histogram is turning to green.
> 1D = it looks rather Bearish than Bullish. RSI below 70 level and it is rather decreasing than increasing. MACD confirms Bearish Crossover and red colored histogram confirms this bearish bias.
> 1W = it is similar to 1D TF. Bearish mood prevails over the bullish.
Summary = Bitcoin becomes more & more bullish on lower TFs. So I think that Bitcoin will visit $9K zone again in the next few days. However, on larger TFs we see some important Bearish signs, which could indicate that Bulls getting more tired.
So let's look at what we could expect from bitcoin next week.
> 1H = BTC is back inside the BB's channel & holds above Basis line. RSI is approaching 50 Level. Histogram of MACD bearish and Bearish crossover performed. OBV slightly decreasing. NVT flat.
> 4H = The price still hodls above the MAs. MA20/50 bearish cross. The price moving inside BB's channel and holds above the Basis line. The shape of BB is narrow. RSI flat. MACD histogram is decreasing. OBV decreasing. NVT is testing Signal line from below.
> 1D = Moving Averages Bullish and provide support levels. The price makes HH inside the channel. RSI is heading to Lelel 70 frome below. MACD histogram bearish, but the values of this week and the previous week are very similar. OBV is decreasing but remains below previous high. NVT is growing again & it's approaching the signal line from the below.
> 1W = Moving Averages Bullish, MA20/50 Golden Cross. The price is above the top line of BB for last several days. RSI is overbought, it's turning down & it's slighly decreasing. OBV indicates decreasing interest of buyers. MACD Histogram green, but it's not growing so much. However, it still achieves higher values. NVT has been flat, overbought & above the signal line for several weeks. Volume bearish. Probably, closing weekly with bearish Doji or Haning Man candlestick.
Summary = All targets active, until $8.5K support level fails. It will be great if Bitcoin closes weekly above $8.7K.