Bitcoin, what's next?
Welcome fellow Tradingviewers,
We will be looking at the price action from Bitcoin using a top down strategy where we are going to analyze down from the monthly.
Monthly:
- The last monthly candle did NOT close as a bearish engulfing which was important for the bulls to not loose all the strength.
- The RSI is in neutral position.
- The MACD is starting to make a bearish crossover, which can still be averted this month. Bearish.
- Moving averages, Bullish.
Weekly:
- We are currently looking at a golden cross where the 50 MA is going to cross the 100 MA.
- RSI neutral.
- MACD is still in bearish territory and now crossing below 0. Bearish.
- The last weekly candle closed between the 50 and 100 MA
- The last weekly candle volume was overriding the big bearish engulfing candle that we saw 2 weeks ago, which usually is a very bullish sign.
- Moving averages, Bullish.
Daily:
- Daily candles have not shown much except confusing. Neutral.
- RSI is in neutral territory, coming from oversold.
- MACD has just crossed bullish.
- RSI and MACD convergences are to be seen on the daily graph. Bullish.
- Moving averages, Bearish.
4H:
- Still below the 100 MA, needs to close above to try and attack the 200 MA till then bearish.
- Had a breakout of the bearish wedge, target would still be around 6600. Bearish.
- The last 4 hour candle has closed as a bullish engulfing, resulting in the pump afterwards. Bullish.
- We bounced of the neckline of the inverse head and shoulders displayed 22-27 NOV.
- RSI going into oversold conditions, Bearish.
- MACD has just crossed Bullish.
- Moving averages, Neutral/Bearish.
Taking all of these facts into account gives me a pretty decent view on Bitcoin. so what's next?
The pump of today has already corrected over 50% which usually isn't that great of a sign.
Preferably this 4 hour candle is going to close above 7600 to find support on the 100 MA, to try and attack the 7800 resistance area before going for the 200 MA located around 8200.
But there is a big chance that we don't close above the desired MA which would mean that this whole rally was just a whale (or some whales) shaking out the guys who shorted the lows. Indicating that this simply was a retest of the resistance and that we might continue to fall.
Overall:
Monthly: Neutral
Weekly: Bullish
Daily: Bullish
Short term sentiment is hard to say with these low volume spikes going everywhere.
This analyses is only showing you guys my vision on BTC and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like!
Let me know what you think in the comments below!
Kind regards,
Forallcrypto
We will be looking at the price action from Bitcoin using a top down strategy where we are going to analyze down from the monthly.
Monthly:
- The last monthly candle did NOT close as a bearish engulfing which was important for the bulls to not loose all the strength.
- The RSI is in neutral position.
- The MACD is starting to make a bearish crossover, which can still be averted this month. Bearish.
- Moving averages, Bullish.
Weekly:
- We are currently looking at a golden cross where the 50 MA is going to cross the 100 MA.
- RSI neutral.
- MACD is still in bearish territory and now crossing below 0. Bearish.
- The last weekly candle closed between the 50 and 100 MA
- The last weekly candle volume was overriding the big bearish engulfing candle that we saw 2 weeks ago, which usually is a very bullish sign.
- Moving averages, Bullish.
Daily:
- Daily candles have not shown much except confusing. Neutral.
- RSI is in neutral territory, coming from oversold.
- MACD has just crossed bullish.
- RSI and MACD convergences are to be seen on the daily graph. Bullish.
- Moving averages, Bearish.
4H:
- Still below the 100 MA, needs to close above to try and attack the 200 MA till then bearish.
- Had a breakout of the bearish wedge, target would still be around 6600. Bearish.
- The last 4 hour candle has closed as a bullish engulfing, resulting in the pump afterwards. Bullish.
- We bounced of the neckline of the inverse head and shoulders displayed 22-27 NOV.
- RSI going into oversold conditions, Bearish.
- MACD has just crossed Bullish.
- Moving averages, Neutral/Bearish.
Taking all of these facts into account gives me a pretty decent view on Bitcoin. so what's next?
The pump of today has already corrected over 50% which usually isn't that great of a sign.
Preferably this 4 hour candle is going to close above 7600 to find support on the 100 MA, to try and attack the 7800 resistance area before going for the 200 MA located around 8200.
But there is a big chance that we don't close above the desired MA which would mean that this whole rally was just a whale (or some whales) shaking out the guys who shorted the lows. Indicating that this simply was a retest of the resistance and that we might continue to fall.
Overall:
Monthly: Neutral
Weekly: Bullish
Daily: Bullish
Short term sentiment is hard to say with these low volume spikes going everywhere.
This analyses is only showing you guys my vision on BTC and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like!
Let me know what you think in the comments below!
Kind regards,
Forallcrypto
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.