Bitcoin - bull/bear scenarios updated
Hi guys
Btc is currently sitting around the 7700 mark as I am typing this. Howvever with the STOCH RSI oversold on ALL charts I am expecting a small retrace down towards 7k. This would touch the symmetrial triangle support everyone is banging on about.
The current price is being held up on the daily by the Tenkan-sen (blue line) with the Kijun-sen (Red line) and the green cloud acting as resistance. Until we see a cross over of the tenkan and kijun (this would signal a bull run) I am extremely neutral at the moment. For this bull run to take place we are looking at a daily close over 8k.
Volume is declining the further we go into this triangle. A bullbreakout for me would open the doors for 11-15k and a bear downtrend would open the doors for retracement to 6-5k range.
Leave a comment guys if you think this helped you
Btc is currently sitting around the 7700 mark as I am typing this. Howvever with the STOCH RSI oversold on ALL charts I am expecting a small retrace down towards 7k. This would touch the symmetrial triangle support everyone is banging on about.
The current price is being held up on the daily by the Tenkan-sen (blue line) with the Kijun-sen (Red line) and the green cloud acting as resistance. Until we see a cross over of the tenkan and kijun (this would signal a bull run) I am extremely neutral at the moment. For this bull run to take place we are looking at a daily close over 8k.
Volume is declining the further we go into this triangle. A bullbreakout for me would open the doors for 11-15k and a bear downtrend would open the doors for retracement to 6-5k range.
Leave a comment guys if you think this helped you
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.