Bitcoin likely to bottom around 44k.
Hi there,
Here is my analysis on the current bitcoin situation:
The 21week moving average has proven to be a good indicator for finding the bottom in previous bull runs. I think this time will be no exception and we are probably heading for it. The 21week moving average currently lies around 43-44k.
Next to that there is a also rising wedge pattern playing out. The target of this rising wedge can be calculated by measuring the height of the wedge: The 42/44k range.
Finally, by looking at the RSi we can see that its starting to hit the oversold condition, this can also signal that a reversal is near.
Thanks for reading, and if you like this analysis you can give it a thumbs up. Thank you :)
Greetings.
Here is my analysis on the current bitcoin situation:
The 21week moving average has proven to be a good indicator for finding the bottom in previous bull runs. I think this time will be no exception and we are probably heading for it. The 21week moving average currently lies around 43-44k.
Next to that there is a also rising wedge pattern playing out. The target of this rising wedge can be calculated by measuring the height of the wedge: The 42/44k range.
Finally, by looking at the RSi we can see that its starting to hit the oversold condition, this can also signal that a reversal is near.
Thanks for reading, and if you like this analysis you can give it a thumbs up. Thank you :)
Greetings.
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