Bitcoin/ USD (to $8800)
Updated
Hello! Today I started my morning with a warm cup of coffee and some good ol' fashioned crypto analysis.
Looks like Bitcoin is on a run to $7800, where we may break resistance and test the Kijun-Sen at $8800.
We've already tested the Kijun-Sen four times since late February, but have bounced off every time. I think people want to see this level break. Although I don't think we will break it this time, when we do this will be the bull trap people are talking about. In my opinion
Stochastic RSI shows a bullish divergence from price action. Meaning price is in a downtrend but momentum is picking up, this will cause a pivot in price towards the upside.
Also, the Lagging Span line shows that past price isn't in trading range. Meaning we are in the clear for a descent rally.
If we don't break $7800, we will retest $7000. Where we may break down into the $6000 levels.
Any questions are very welcome!
Looks like Bitcoin is on a run to $7800, where we may break resistance and test the Kijun-Sen at $8800.
We've already tested the Kijun-Sen four times since late February, but have bounced off every time. I think people want to see this level break. Although I don't think we will break it this time, when we do this will be the bull trap people are talking about. In my opinion
Stochastic RSI shows a bullish divergence from price action. Meaning price is in a downtrend but momentum is picking up, this will cause a pivot in price towards the upside.
Also, the Lagging Span line shows that past price isn't in trading range. Meaning we are in the clear for a descent rally.
If we don't break $7800, we will retest $7000. Where we may break down into the $6000 levels.
Any questions are very welcome!
Note
We bounced from $7500, but the volume oscillator is in an uptrend; diverging from price downtrend. This indicates hidden strength of the market towards the upside. Also Stoch RSI averages are still in bullish cross.
So don't throw in the towel just yet. We may still see a move to $7800.
Note
Strong downtrend confirmed by OBV
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