Bitcoin Indecision

Updated

BTC is now facing a lot of indecision but staying above the 0.236 fib level keeps BTC bullish. However, a daily candle closing under 3955$ would mean a retrace to the 3700$ support zone. Closing under the purple box would be bearish for Bitcoin but bouncing from this zone could mean BTC has found his bottom.

Note

Note

Pay carefully attention to the RSI trend line on the 1D chart, it is valid since mid-november

Note

This chart is from the XBTUSD (Bitmex) index. It seems like Bitcoin will fall but bulls are getting more and more agressive these pasts months maybe they will be able to protect 3955 key line

Note

The 15min chart doesn't mean much but confirms the channel

Note

For now...

Note

Very nice reaction by the bulls. The next zone they need to break is represented by the 2 new red lines.

Note

Looks like good support wait for a confirmed breakout of the triangle on the chart below and we could have a long opportunity

Note

In the 30min chart, rejection at the top of the triangle. Let's see if the bottom holds a second time. If it does BTC will have around 24 to 36 hours to make a decision. Until then it might consolidated within the tip of the triangle

Note

24hours max ****

Note

Not sure about this breakout, wait for retest of the top line.

Note

Fake-Out, the top line of the triangle didn't hold. It seems like the bottom line shows nice support again. We are now waiting for a confirmed breakout of this triangle on the 1H chart. Preferably a marubozu candle or at least a strong one.

Note

The down movement was confirmed by a bearish marubozu candle. Sorry for not being active during the dump, I was busy and couldn't access a compute. If you missed this dump but still wanna place a trade. I suggest waiting they are a lot buyers in this area (see chart below)

Note

We might see consolidation, and attemps of bouncing back to 3955 key line. But overall I think it's safe to say BTC is bearish for now.

Note

BTC is back in the green box, it might stay in this area for a little time before breaking down again.

Note

This is the green line present in the right bottom of the last chart. The little green box is the same one for the upper chart

Note

Even thought this trend line as shown support since a long time, I don't think it will hold but bulls might have a hard time breaking it

Note

I meant **bears** in the last comment sorry about that.

Note

BTC trying to break 3955 key line

Note

I didn't expect BTC trop break the key line. It's pretty sweet, it means BTC will most likely retest the 4200$ zone. Right now it is facing resistance at 4030$ and just formed a double top pattern. BTC should revisit the upper green box, before pumping back to 4200$.

Note

BTC is now facing the major resistance, I don't think BTC will be able to break this one. Even if the bears suprised me and compromised my first idea, the main idea stay's the same

Note

BTC looks bearish

Note

WOW, i'll be doing a whole new chart, this one didn't work out and i'm f**** glad it didn't bear season is over!

Note

Massive correction incoming il be doing a new chart, but the main idea is still valid

Note

same zones just updgraded the fib levels

vivelavie101

Also on:

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.