Let's see how BTC is behaving. This is a 1D chart.
The Fib retracement shows that the price was moving down inside a downtrend channel and then broke out. Going back down, touching the channel, and bouncing back up can be good confirmation.
Support levels: $32789 Resistance Area: $39500 - $45600
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
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