So while the daily chart RSI indicator still shows a lot of room for more downside, I am keeping an eye on the 4hr chart & the $17,200 level because on a lockdown what better is there to do. I dollar cost averaged at about $18,200 and now waiting to see if we will pick up from here or head down on the RSI on the daily chart. All in all, Bitcoin is doing fine...
Bitcoin is still bouncing around $19,200. At some point there will be a break out. I also noticed that it is not only Bitcoin consolidating or hitting resistance but the Stock & Bond market itself. Just keeping my eyes peeled for the breakout.
Bitcoin has dropped $2,000 and some may be freaking out. However, Bitcoin needed to cool down and so I was expecting this. The question is how low will we go before we head back up and past $20,000. At the $17,200 area Bitcoin keeps finding support but the RSI is still high therefore we can go even lower. Right now I am waiting to pull the trigger and buy more.
As I previously mentioned, Bitcoin appears to keep bouncing off $17,200 area. As Long as I keep earning interest on my Bitcoin, along with the rest of the crypto community, I don't see how Bitcoin can ever go down drastically when their is a limited supply. Hodl is the name of the game in my view.
Bitcoin had a previous resistance of $17,200 back in 2017. Currently, on the one hour chart, Bitcoin bounced off this resistance thus making it a potential support. However, the only thing that has me on hold is that the RSI is still high. Despite this, Bitcoin is on fire and who knows when Bitcoin will cool down.
It still amazes me how one red candle stick forms and people immediately predict Bitcoin going down. Yet Bitcoin continues to go up and will continue to go up. With Defi in the mix, I earn Bitcoin interest everyday. Now multiply that with the rest of the community who has there money locked in Defi as well. This means as long as we keep our Bitcoin in Defi, there...
Has anyone noticed that major US stocks have been down today, along with Gold, Silver, the US dollar, and Oil. While Bitcoin has jumped up significantly.
Bitcoin has been in this range for about two and a half months now- $11,400. Hourly chart has been flat with a potential breakout to the upside now forming.
Bears can't seem to make it back down to $9,100. This area of $10,800 is a key area of resistance, maybe the first in Bitcoins history. However, Resistance appears to becoming support. If so we may breeeeeze by $14,000.
We are having some good bullish candle sticks appearing in this price range of $10,700. We are going side ways and still have not gone down to $9,100 this new area of $10,700 could be establishing itself as support. It use to be resistance, and you know how that goes
Bitcoin continues to look good in my view. RSI levels are holding steady. I would add more money if I only had it. I Been all in!. But the charts on the daily look bullish right now and we nver went back down to $9,100 as I said it had to hold.
Buy Low (Bitcoin under 30 RSI). Sell High (Bitcoin over 70 RSI). These are the most favorable probabilities when deciding to get in and out. If Bitcoin hits under 30 RSI, I buy more. If Bitcoin hits 12, 500, I buy more.
