1 Week bars on BTC paint an interesting larger picture.
-BTC did a perfect .61 fib retracement from its bulllish movement this year to the top ($14k~) to the most recent bottom ($7.2k~) (A perfect entry point).
-The 12, 26 MACD displays a short term drive to another positive crossover. While 5,10 or 7,14 MACD paints an even nearer term positive crossover however we need a lot of volume to cross the next resistance ($9.8k) and stay there.
-RSI indicates it's neither overbought nor oversold.
-The last 1W fractal was a down arrow (actually this is a bullish indicator)
-Moving average is actually falling.
Given this information I agree with the bullish trend line however not as parabolic as some would like. Maybe even sideways for a while.
My new long term take is your typical moderate volatility with opportunities to buy even cheaper than today before moving higher to above it's next support $9.8k with 7.6k - 8.6k being some great entry zones for long term holding.
Invalidation of this trend analysis/idea: 1W bear fractal coupled with a new low below $7.2k.
-BTC did a perfect .61 fib retracement from its bulllish movement this year to the top ($14k~) to the most recent bottom ($7.2k~) (A perfect entry point).
-The 12, 26 MACD displays a short term drive to another positive crossover. While 5,10 or 7,14 MACD paints an even nearer term positive crossover however we need a lot of volume to cross the next resistance ($9.8k) and stay there.
-RSI indicates it's neither overbought nor oversold.
-The last 1W fractal was a down arrow (actually this is a bullish indicator)
-Moving average is actually falling.
Given this information I agree with the bullish trend line however not as parabolic as some would like. Maybe even sideways for a while.
My new long term take is your typical moderate volatility with opportunities to buy even cheaper than today before moving higher to above it's next support $9.8k with 7.6k - 8.6k being some great entry zones for long term holding.
Invalidation of this trend analysis/idea: 1W bear fractal coupled with a new low below $7.2k.
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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.