Hello all,
I start today with my daily technical analysis. I will analyze a whole range of assets, from cryptocurrency of course, through forex, stocks, gold and even oil. I hope that it will be useful for some one.
Of course I'll start with bitcoin.
As can be seen from the graph above, the daily average EMA 50 and EMA 200 are dangerously close to each other. The intersection of these means in traders' jargon is called the "cross of death". This may be the reason for deeper bitcoin correction than most expect - even around $ 2,800- $ 3,000 in the medium term.
In the 4 hour chart, we can see that the price is testing resistance at the level of 8,300-8500 $. If he managed to break it would be a very good signal for bitcoin which would give an open path to the resistance test around $ 9,400. However, it is unlikely that this will happen because the Stoch RSI 4h is in the overbought area - I would bet the rejection of this level and another descent to test the support at $ 7,300- $ 7,500.
That's all when it comes to bitcoin for today, I invite you to upvote, follow, resteem :)
This is not an investment advice, it's only my point of view