In this analysis I want to discuss the possibility that Bitcoin's temporary correction might be at the ending stages and that the bullish trend might continue in the near future.
I want to look at two things:
- The price has hit the purple dotted support on the chart.
- The RSI has hit oversold on the 4H chart for the first time since late January, at the start of the bull-run that took us from 39k > 74k.
These two factors combined make me believe that a bottom is potentially near and that we can make a decent trade off this area. Target at 80k, stop below the March 5th dump, to create a good trade with a RR of exactly 5.
I want to look at two things:
- The price has hit the purple dotted support on the chart.
- The RSI has hit oversold on the 4H chart for the first time since late January, at the start of the bull-run that took us from 39k > 74k.
These two factors combined make me believe that a bottom is potentially near and that we can make a decent trade off this area. Target at 80k, stop below the March 5th dump, to create a good trade with a RR of exactly 5.
Note
Perfect reversal from the lineair chart. Entry hit and currently in profit.Note
🚀Note
Trade still active, playing out well.Note
Long-term update
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
Related publications
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.