BITCOIN UPDATE!
Hey guys,
Have been away for a while, but now I am back on track. Bitcoin reached bottom at 6100 USD price range since when we have had a strong bounce to 6700 USD price range. Now, most traders and I myself don't account it as a bounce which would confirm a bullish divergence in the market after a deep correction like this one however there are some bullish signals in the market, such as the declining volume BTC had since its peak at 20k, STOCH RSI is oversold in 1h chart so soon we might see another bounce to 7k zone which would be confirmation of a bull run in the market. However on the 4h chart STOCH RSI is overbought which would lead to the idea that the even if we bounce to 7k zone we should see retracement to 6500 USD. So short term buy now sell at 6950 USD and buy back at 6500 USD price zone. And long term buy as in long term 4-6K USD is a buy in zone. And as I was writing this HAHAHA xD, it already broke the trend of Stoch RSI and the RSI that I have drawn which is another bullish signal.
However there is another trend/pattern that is possible, which is the falling wedge pattern after which we should see a bull flag however this pattern can only be confirmed if we break down and find support at 6450 USD price range and bounce back and follow the trend.
Good Luck, Traders!
Have been away for a while, but now I am back on track. Bitcoin reached bottom at 6100 USD price range since when we have had a strong bounce to 6700 USD price range. Now, most traders and I myself don't account it as a bounce which would confirm a bullish divergence in the market after a deep correction like this one however there are some bullish signals in the market, such as the declining volume BTC had since its peak at 20k, STOCH RSI is oversold in 1h chart so soon we might see another bounce to 7k zone which would be confirmation of a bull run in the market. However on the 4h chart STOCH RSI is overbought which would lead to the idea that the even if we bounce to 7k zone we should see retracement to 6500 USD. So short term buy now sell at 6950 USD and buy back at 6500 USD price zone. And long term buy as in long term 4-6K USD is a buy in zone. And as I was writing this HAHAHA xD, it already broke the trend of Stoch RSI and the RSI that I have drawn which is another bullish signal.
However there is another trend/pattern that is possible, which is the falling wedge pattern after which we should see a bull flag however this pattern can only be confirmed if we break down and find support at 6450 USD price range and bounce back and follow the trend.
Good Luck, Traders!
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