Hey, I am back with another Technical Analysis, this time looking again at Bitcoin -1.49% .
Are Bears are Taking over Market Again? Well Bitcoin -1.49% has struggled at breaking 10k as a strong ressitance. But everytime Bitcoin -1.49% has failed to break ressistance has seen a sell off, drawn a flag and the ressistance was always too strong to break and could not push the price higher.
Bitcoin -1.49% as the leaders of every cryptocurrency, for now, should be a prior indicator about the Altcoin market.
Okay, so what you can I see on this Chart?
There are 5 key ressistance levels zones, all Channels that occured.
I wanted to also draw all of the Patterns in all of these channels but I though that it would look really complicated and unclear.
Downtrend line that has been broken. Lots of Bear Flags.
50 Day EMA on 8400 levels.
What about Indicators?
RSI has to see some buyers next 6 hours or will fail to bounce from its known support bullish level, fall to lower RSI support maybe uptrend from there, if that fails I see Bitcoin -1.49% maybe performing a double bottom , but that would require strong sell power and than bounce right after becoming oversold. Daily has found the ressistance level, bearish .
Sellers on MACD are getting more weak, It would be Ideal if MACD follows my drawn setup, that would mean the price could fall to Strong demand zone and going on a uptrend from there. Daily looks really good, but that still needs some time.
Final words
I had Tethered for now and about to watch Bitcoin -1.49% next moves. To me Bitcoin -1.49% isnt still fully bullish and there will be some correction ahead In my opinion.
If minor or major, that will only time. I am weakly bearish for now. Two possible bounce bottoms 7200 or 7800.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel!
Hope I made your view on whats going on with Bitcoin somehow clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely Update.
