Bitcoin analysis bounce in short-term?
Okay, looking at Bitcoin we have my usual 3 charts I like to start with when I am trying to figure out a potential trade. They are the 4hr chart far right, daily in the middle and weekly on the left. I am more of a short-term trader so that could be hours, days and some times weeks in trades.
Bitcoin in the far right 4hr chart I see is very overextended from the Moving average, as well has been dropping straight down in an angle where I see a rebound coming. Add in the candle higher low (for now) and at least in the short term we will see a bounce.
The daily middle chart we see the important trendline that needs to hold up for the bulls, also I point out the daily higher low as well.
The breakout on Feb 28 was strong and to me it looked like a a potential beginning of an uptrend, only to then hit those walls at 44, 45 and 46.
The left weekly time frame we see how bearish the candle is looking with the long upper wick as well as the 44k wall being hit.
I also point out that from my previous analysis on BTC just how important the 52k price will be if/when a potential all time high run is going to happen. Very strong resistance at 52k, so for the super bullish bitcoin people, you will need to see price back above that level and then we can discuss the 60k resistance.
You see BTC back above of 60k and be confident all time highs will happen soon.
Bitcoin in the far right 4hr chart I see is very overextended from the Moving average, as well has been dropping straight down in an angle where I see a rebound coming. Add in the candle higher low (for now) and at least in the short term we will see a bounce.
The daily middle chart we see the important trendline that needs to hold up for the bulls, also I point out the daily higher low as well.
The breakout on Feb 28 was strong and to me it looked like a a potential beginning of an uptrend, only to then hit those walls at 44, 45 and 46.
The left weekly time frame we see how bearish the candle is looking with the long upper wick as well as the 44k wall being hit.
I also point out that from my previous analysis on BTC just how important the 52k price will be if/when a potential all time high run is going to happen. Very strong resistance at 52k, so for the super bullish bitcoin people, you will need to see price back above that level and then we can discuss the 60k resistance.
You see BTC back above of 60k and be confident all time highs will happen soon.
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