Bitcoin Daily Chart Update
Hello World!! Today we are going to give an update to the daily chart of Bitcoin. I will do the analysis in 3 parts.
1- What has just happened with the price of bitcoin is called liquidations, there were Stop loss orders at $38,000 and $39,000, for this reason the price fell very quickly, the analysis and projection for a daily chart remains bullish.
2- Currently we have a divergence with the Macd, CCI and a very marked accumulation zone with the RSI, reviewing the history and price action of Bitcoin, when we see these types of accumulation formations in both price and RSI they are signs of a very strong move higher, daily chart volume is not high enough to send it below $30,000 or $35,000. According to the analysis, the next strong movement will be bullish due to the marked accumulation zone that we are having.
3- Bitcoin price could be making a rounded top formation on a daily chart, this means that this drop to $37,000-$38,000 could be the bottom of the decline. Another important point to mention is that the weekly chart is at the lowest or best purchase point, approximately in 2 or 3 weeks the weekly chart would be giving entry and whenever the weekly chart is about to give a good purchase point there is a strong shake in the price of Bitcoin.
See you!!
1- What has just happened with the price of bitcoin is called liquidations, there were Stop loss orders at $38,000 and $39,000, for this reason the price fell very quickly, the analysis and projection for a daily chart remains bullish.
2- Currently we have a divergence with the Macd, CCI and a very marked accumulation zone with the RSI, reviewing the history and price action of Bitcoin, when we see these types of accumulation formations in both price and RSI they are signs of a very strong move higher, daily chart volume is not high enough to send it below $30,000 or $35,000. According to the analysis, the next strong movement will be bullish due to the marked accumulation zone that we are having.
3- Bitcoin price could be making a rounded top formation on a daily chart, this means that this drop to $37,000-$38,000 could be the bottom of the decline. Another important point to mention is that the weekly chart is at the lowest or best purchase point, approximately in 2 or 3 weeks the weekly chart would be giving entry and whenever the weekly chart is about to give a good purchase point there is a strong shake in the price of Bitcoin.
See you!!
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