BITCOIN UPDATE: YET TO REACH THE RESISTANCE LEVEL!
Updated
Welcome folks to this BTC update. I am gonna keep this chart neat and easy to understand.
Timeframe: 4 hours.
Update: We saw how BTC is trying to bounce back to stay above the 20k level which is good for the market. The daily close was around 20.8k below the 21 MA but it made a quick pull back holding the price at 21.3k. If BTC continues to rally, we can expect it to touch the resistance level which is at 22.5k, and if BTC starts getting rejected then 19.6k is good support.
RSI: In this 4 hours timeframe, the RSI is showing a hidden bullish divergence which is quite a confirmation of a bullish rally towards the resistance level.
Conclusion: BTC is still under a bearish flag pattern and like I said in my previous BTC update, 22.5k is the invalidation point for this bearish flag. Once BTC breaks the resistance, we will see a trend reversal and we may likely see higher rallies. A rejection, on the other hand, will continue the bearish flag pattern.
I will update more on this topic later until then trade safely.
Like, comment, and follow to support my channel.
Thank you.
Timeframe: 4 hours.
Update: We saw how BTC is trying to bounce back to stay above the 20k level which is good for the market. The daily close was around 20.8k below the 21 MA but it made a quick pull back holding the price at 21.3k. If BTC continues to rally, we can expect it to touch the resistance level which is at 22.5k, and if BTC starts getting rejected then 19.6k is good support.
RSI: In this 4 hours timeframe, the RSI is showing a hidden bullish divergence which is quite a confirmation of a bullish rally towards the resistance level.
Conclusion: BTC is still under a bearish flag pattern and like I said in my previous BTC update, 22.5k is the invalidation point for this bearish flag. Once BTC breaks the resistance, we will see a trend reversal and we may likely see higher rallies. A rejection, on the other hand, will continue the bearish flag pattern.
I will update more on this topic later until then trade safely.
Like, comment, and follow to support my channel.
Thank you.
Note
Spot on. BTC reached the level I expected. It is currently at the resistance level so let us be careful. If it breaks out then we are good to go for a higher rally and if it gets rejected then things are going bad. So, keep your eyes open wide.
coincall.com/r/43438887
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
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.