Hello all, Happy Monday and happy new week. Let's hoping for the best on the 7 days ahead. Now, I'm going to do a chart work about bitcoin. Let's enjoy it!
Bitcoin was in a very sideways market with a very low volatility back at Saturday and Sunday. The price was moving between $9500 - $9700 range, a boring situation during the weekend whatsoever. But 8 hours ago, the price had its bounce since it touched my previous anticipated region as well. Showing my bias is still in play and the price action is saying so. White region that I've anticipated previously was the area of strong support because it has the alignment with the golden pocket and the upper line of the triangle which previously acted as broken resistance. The other factor that drive the price of this bounce is the white support trend line in the smaller degree which has defended the price from further drop as well.
Looking at the RSI, it has shown us a very nice price action with a bounce right after it touched the 40 level which is the boundary between the neutral zone to bearish zone. This is however looking very good and the bulls have shown us that they are still exist, they want to drive the price to higher region and eliminate the bears.
MACD is looking pretty much in sideways condition. But, if we look at the histogram, there are a pattern of higher low that is forming now. It's clear that the bulls are gaining strength during this sideways market. I'm still sticking on my original bias with a push toward the $10500 region one more time or even higher.
Bitcoin was in a very sideways market with a very low volatility back at Saturday and Sunday. The price was moving between $9500 - $9700 range, a boring situation during the weekend whatsoever. But 8 hours ago, the price had its bounce since it touched my previous anticipated region as well. Showing my bias is still in play and the price action is saying so. White region that I've anticipated previously was the area of strong support because it has the alignment with the golden pocket and the upper line of the triangle which previously acted as broken resistance. The other factor that drive the price of this bounce is the white support trend line in the smaller degree which has defended the price from further drop as well.
Looking at the RSI, it has shown us a very nice price action with a bounce right after it touched the 40 level which is the boundary between the neutral zone to bearish zone. This is however looking very good and the bulls have shown us that they are still exist, they want to drive the price to higher region and eliminate the bears.
MACD is looking pretty much in sideways condition. But, if we look at the histogram, there are a pattern of higher low that is forming now. It's clear that the bulls are gaining strength during this sideways market. I'm still sticking on my original bias with a push toward the $10500 region one more time or even higher.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.