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Bitcoin Price Faces First Bearish Wave of 2021Bitcoin price levels were grooving with the positive volume provided by institutional buyers including Grayscale, Fidelity Investments, Massachusetts Institue of Technology, and many more following FOMO among the retails investors too. With the bulls embracing the world's largest cryptocurrency from the starting of the year, the price levels made new ATHs at regular intervals this month. However, the sole competitor of Bitcoin,i.e., the U.S. dollar, provided trouble to other financial markets consisting of commodities (Gold faced the loss of 1.50%) and the overall crypto market conditions. The U.S. Dollar has performed positively against several major other centralized currencies due to notable positive moves in U.S. bond yields hurting the other investing assets. The treasury yield curve has witnessed a significant increase within a short timeframe by 20-22 basis points. The basis behind this positive move is said to be substantially repressing of yields by Fed policy. The technical chart of Bitcoin has formed a falling wedge pattern due to the ongoing downtrend. The price levels faced negative breakouts below 20-EMA and 50-EMA, respectively. If the downtrend for the crypto king continues in the upcoming trading sessions, one can expect 200-EMA to be acting as a strong support line. On the contrary, a positive breakout from the falling wedge pattern can be an indication of a comeback of the bulls. The moving average convergence & divergence (MACD) faced a bearish crossover, and the levels are now below the signal line providing negative signals. The relative strength index (RSI) also faced a negative breakout to the oversold region and currently standing at 41.08. The directional movement index (DMI) also showcased bearish nature as -DI remained above ADX. Resistance Level: $42,000.00 & $38,700.00 Support Level: $33,000.00 & $28,600.00
COINBASE:BTCUSDShort
by tcr_thecoinrepublic
Bitcoin Weekly RSI Signals Growth Until May 2022 | 20,000 Next?!Bitcoin, BTCUSD, on the weekly timeframe continues to aim higher... Let's have a closer look at the RSI, multiple milestones have been hit this week... Let's get into it. BTCUSD (W) RSI: Here we can notice that the RSI hit above 80 for the first time since December 2017 when Bitcoin hit it's All-Time High (ATH). When Bitcoin first hit this high on the weekly RSI, it continued to grow straight for 550+ days. If we get similar action starting now, November 2020, we will see prices continue to increase with higher highs and higher lows until the year 2022 in May. Wow! Do you think is possible? Just wait, there is more... One of our readers left a comment telling about this Bitcoin rally, there is something different to it, we all get the feeling that it isn't "natural"... What is really going on? The last time we saw Bitcoin enter its bull-run mode, there was a tremendous amount of hype, lots of FOMO, and retail buyers jumping in by the loads, but this is not the situation we are witnessing these days... We have a very shy/inactive market, so why is there no correction, why does Bitcoin continues to grow every single day? It is very possible that big institutions or big Governments like the USA are buying Bitcoin by the boatload. When this is happening, there is no reason at all for selling, because if they are buying is for the long-term, they know that something massive is going on. Regardless of speculation, we continue to see Bitcoin move higher with no corrections at all... And with no retail/dumb money buying, this means that we are in a new cycle we haven't seen before. Bitcoin might be looking at really low prices right now and we might see $30,000, $50,000, $80,000, or more in the years to come... Of course, time will tell... But we know one thing for sure, Bitcoin always go 10X higher, than what most people think is possible for it to go. I recall those days when it was impossible to hit $3,000 for Bitcoin, at least that was what many were saying all across... Bitcoin surprised everybody and hit $20,000+. This might just be the beginning... With this simple indicator, the RSI, we are getting the signal that Bitcoin might be entering a new bull-run mode. What's your take? Leave your comments in the section below! Previous ideas: 1) Nov 12 | Bitcoin, I Got It Wrong How High Can It Really Go? Leave Comment 2) Nov 9 | Bitcoin Ascending Channel + Altcoins Market Update 3) Nov 8 | Bitcoin Love ❤️ Aims At $17,250 Followed by $31,285 4) Nov 1 | I ❤️ Bitcoin To $30K? Hits Highest Level Since Jan. 2018 This is Alan masters... Thanks a lot for your continued support. Namaste.
BITFINEX:BTCUSD
by AlanSantana
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