Looking at the weekly chart we can see that bitcoin is printing a major weekly bullish divergence on the RSI.
There is a good chance that BTC will respond to this and make room for a rally to atleast 28k.
It's possible that we still make lower lows later, but for now I think BTC has a good chance to go up first to play out this weekly divergence
In my last analysis I called for the bottom, and now after some consolidation I think we are in this falling wedge. If we break out from this pattern we can reach targets as high as 60 and 65k. This is calculated by taking the height of the falling wedge.
I thought 44k would be our bottom, but we went significantly lower due to the panic selling. That's ok. I used the dip to add to my positions.
The funding rate is now extremely negative. The bears seem overconfident now which are the right conditions to start moving up.
Here is my analysis on the current bitcoin situation:
The 21week moving average has proven to be a good indicator for finding the bottom in previous bull runs. I think this time will be no exception and we are probably heading for it. The 21week moving average currently lies around 43-44k.
Next to that there is a also rising wedge pattern playing...
We're looking at the weekly chart of zil/btc. We've reached the weekly resistance that was created since May 2019. We've tested it already a couple of times. The more times we test it, the higher the chance of a breakout.
I expect a large move against bitcoin for zilliqa if we can get above this resistance area. Keep an eye out for this level!
Today I present a short trade opportunity on Bitcoin.
I hoping to see this descending triangle further develop. If it does it can create an interesting short trade. I can't guarantee that it will form exactly like this, but I think you will get the idea.
The best position to enter (based on this chart) would be around 35.5k, you can then place...
Historically the weekly EMA 20 has proven itself to be a good place to buy bitcoin in bullruns. Will the WEEKLY EMA 20 serve us again in revealing the bottom?
Find out in the next episode of Bitcoin to the moon.
(Note: W EMA 20 will be around a price point of 20-25k)
4HR chart features a descending triangle short opportunity, the Rsi on the daily has bearish divergence.
Upon breakdown target of 17k can be reached. In order to invalidate this triangle bitcoin has to break above 19500.