Bitcoin Analysis - Are we going lower?
Updated
Hello!
Let's talk about bitcoin...
Prices are trading for the last hours in a descending parallel channel, and volume has been slighly getting better, showing us that the selling pressure can possibly be slowed down, by some buyers coming in! We also have the RSI here, which was pointing us a bullish divergence, and we got a little rebound, but couldn't hold. If the RSI can still maintain a bullish divergenge in case of another leg down, we might see some more strength.
We also have the 21 Moving Average, which has been a real barrier to BTC, everytime it made contact with prices, we fell hard. What about this time? Will we make another low when we make contact with the 21 MA? That can't be answered yet.
But keep an eye on that descending parallel channel, bitcoin can possibly trade inside it for some more time.
In order for BTC to go up, it has to break the channel to the upside, and close above the 21 MA on the 4 hour chart. And we must do that with volume coming in.ù
I know we haven't got all the answers for now. But let's continue to watch the market closely, so we can spot good opportunities!
The overall trend is still bearish.
This is not financial advice.
Thanks!
Let's talk about bitcoin...
Prices are trading for the last hours in a descending parallel channel, and volume has been slighly getting better, showing us that the selling pressure can possibly be slowed down, by some buyers coming in! We also have the RSI here, which was pointing us a bullish divergence, and we got a little rebound, but couldn't hold. If the RSI can still maintain a bullish divergenge in case of another leg down, we might see some more strength.
We also have the 21 Moving Average, which has been a real barrier to BTC, everytime it made contact with prices, we fell hard. What about this time? Will we make another low when we make contact with the 21 MA? That can't be answered yet.
But keep an eye on that descending parallel channel, bitcoin can possibly trade inside it for some more time.
In order for BTC to go up, it has to break the channel to the upside, and close above the 21 MA on the 4 hour chart. And we must do that with volume coming in.ù
I know we haven't got all the answers for now. But let's continue to watch the market closely, so we can spot good opportunities!
The overall trend is still bearish.
This is not financial advice.
Thanks!
Note
Hello!Quick update.
We are now testing the top of the channel, along with that we are testing the 21 MA.
It is crucial for bitcoin to breakout of this channel and find support above the 21 MA, then we might see prices go higher.
We have to keep an eye on that volume, which is not great right now, but is starting to improve, we need more buying volume to go up.
That's it for now.
The overall trend is still bearish .
This is not financial advice.
Thanks!
Note
Hello again!Another update.
We were able too break the crucial points that we talked about before, this is a good sign and possibly a confirmation of a rebound.
We broke the 21 MA, as well as the channel that we were looking at.
The most important thing about all of this, is volume! We finally managed to get some buying volume, which might be able to send prices higher.
We don't like to give targets, but the first thing to look at now, would be if we test the $4.400 and stay above it, if we do... Then prices can go higher.
That's it for now.
The overall trend is still bearish. Extremely short term is bullish.
This is not financial advice.
Thanks!
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