BTCUSD Update - RSI and Channel Study
Updated
Channel analysis for the near term BTC trend. We have just hit a big surge and I've sold most of my btcs around 8.5k to 9k. We are either heading higher or lower, obviously. Who knows which? Well if someone knew, they probably wouldn't be making a chart on Tradingview and would be on a yacht somewhere.
I've included some probable targets for where we might hit resistance and support. I don't know which direction we're going, nobody does. But when momentum starts picking up, we have some targets to look for.
RN it looks like we are in a giant downtrend channel which leans bearish. If I saw a double bottom with RSI divergence on the days chart I would feel pretty positive about that.
Trade on!
I've included some probable targets for where we might hit resistance and support. I don't know which direction we're going, nobody does. But when momentum starts picking up, we have some targets to look for.
RN it looks like we are in a giant downtrend channel which leans bearish. If I saw a double bottom with RSI divergence on the days chart I would feel pretty positive about that.
Trade on!
Note
Comment: I included Magic Poop's H&S Target at 5.5k because he has been right about most of the bearish movement so far. Other traders have us more bearish in the near term. It looks to me like we may have already hit the H&S target, though, because we bounced 6k. We shall see...
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.