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Bitcoin RSI Hints at Short-Term Bounce, But Long-Term Top Looms?The ever-volatile world of Bitcoin is once again presenting a perplexing puzzle. While the price seems to be taking a breather, technical indicators are flashing conflicting signals, leaving investors scratching their heads. The Relative Strength Index (RSI), a mainstay in technical analysis, sits at the heart of this debate. RSI: A Gauge of Momentum The RSI measures the momentum of a price movement by comparing the average gain of closing prices to the average loss of closing prices over a specific period. It's typically displayed on a scale of 0 to 100, with higher values indicating stronger upward momentum and lower values signifying stronger downward momentum. Traditionally, an RSI reading above 70 is considered "overbought," suggesting the asset might be due for a correction. Conversely, readings below 30 are considered "oversold," potentially indicating a buying opportunity. Current RSI Reading: A Neutral Zone As of April 10, 2024, Bitcoin's daily RSI hovers around 53, according to data from Cointelegraph Markets Pro and TradingView. This positions it comfortably within the neutral zone, neither screaming "buy" nor "sell." Short-Term Bounce or Long-Term Top? This seemingly neutral RSI reading is being interpreted in two distinct ways by analysts, creating a fascinating dichotomy: • Short-Term Bounce: Analysts like Jelle, a prominent crypto trader, believe a retest of the 50 mark on the RSI often precedes a price bounce in a strong uptrend. With Bitcoin currently hovering around 50, this could signal an imminent short-term rise in price. This interpretation finds support in historical data, where similar RSI behavior has been followed by price corrections and subsequent rebounds. • Long-Term Top: However, another factor, the Value Days Destroyed multiple, throws a curveball. This indicator, which measures the intensity of price movements, is hinting at a possible long-term peak for Bitcoin. In simpler terms, it suggests the current bull run might be nearing its end, and the RSI's current reading could be a sign of exhaustion in the uptrend. The Value Days Destroyed Conundrum: The Value Days Destroyed multiple considers both the magnitude and duration of price movements. A high value suggests an intense bull run, potentially unsustainable in the long term. While the specific calculations of this indicator are beyond the scope of this article, its current reading for Bitcoin is raising concerns about a potential long-term price correction. Beyond the RSI: Unveiling Other Clues While the RSI is a valuable tool, it shouldn't be the sole factor guiding investment decisions. Here's what investors should consider alongside the RSI: • Confirmation of Hidden Bullish Divergence: Trader Alan Tardigrade identified a promising sign on the 4-hour RSI charts - a hidden bullish divergence. This pattern suggests a potential disconnect between price and momentum, where the price makes a lower low but the RSI doesn't, indicating underlying buying pressure. If confirmed, this divergence could bolster the short-term bounce theory. • Moving Averages: Moving averages smooth out price fluctuations, revealing the underlying trend. Investors should analyze key moving averages (like the 50-day and 200-day) to understand the overall direction and potential support/resistance levels. • Trading Volume: Trading volume often rises alongside strong price movements, both up and down. Analyzing volume alongside price action can help confirm the strength of a trend. • Macroeconomic Factors: Global economic conditions, interest rate policies, and major news events can significantly impact the cryptocurrency market. Staying informed about these external factors is crucial. The Final Word: Navigating Uncertainty The cryptocurrency market is inherently volatile, and technical analysis should not be used as the sole basis for investment decisions. Diversification, risk management, and a long-term perspective are essential for navigating this dynamic landscape. Beyond the Technicalities: A Look at Market Sentiment The current market sentiment surrounding Bitcoin also plays a crucial role. Are major institutions still entering the space, or is there a sense of FOMO (fear of missing out) subsiding? Are regulatory hurdles creating uncertainty? Gauging the overall mood of the market can provide valuable context for interpreting technical indicators. Conclusion: A Balancing Act While the RSI reading suggests a potential short-term bounce for Bitcoin, the Value Days Destroyed multiple raises concerns about a long-term top. Investors should carefully consider other technical indicators, trading volume, and broader market sentiment before making any investment decisions. Remember, the cryptocurrency market thrives on volatility, and navigating its complexities requires a measured and informed approach.
BITSTAMP:BTCUSD
by bryandowningqln
End of Bitcoin BULL trend ?!Returning to contribute after a hiatus, as I've transitioned more towards an investor role rather than an active trader. While I still engage in trading, it's become a less prominent aspect of my activities, significantly reduced in frequency as I've shifted focus. Considering the current market dynamics of Bitcoin, I'm not implying that the ongoing bull trend is definitively coming to an end, but I personally approach it with caution. There's a possibility we might witness a test of the $45,000 level, or perhaps even $30,000. This caution stems from various factors, including potential market corrections, regulatory changes, and macroeconomic uncertainties. Nevertheless, I still firmly believe that alternative cryptocurrencies have ample room for growth and the potential for significant gains. The crypto space is dynamic, and altcoins often experience substantial price movements independent of Bitcoin. This is evident when analyzing indicators such as total2 (excluding BTC) and BTC.D (Bitcoin dominance), which suggest that alternative assets could continue to outperform. As investors navigate these volatile waters, it's essential to remain vigilant and conduct thorough research before making any investment decisions. Diversification across various crypto assets can help mitigate risks associated with market fluctuations and enhance long-term portfolio performance. Feel free to reach out if you have any further questions R:R, money management, risk, reward, technique, style, trading, bitcoin , bitcointrading, profitable trading, profittrading, profit trading, secret, divergence, bull divergence, bear divergence, divergencetrading, divergence trading, trading strategy, how to trade bitcoin , bitcoin trades, bitcoin trading, make profit, take profit, trading strategy, trading technique, successful, successful trader, successful technique, successful strategy, successful secret, how to trade, trend analysis, technical analysis , indicators, rsi , relative strenght index, let it rain, successful life, easy strategy, easy trading, easy technique, make money, crypto investing, investing, crypto, cryptocurrency, cryptocurrencies, mentoring, money, chartart, beyond
INDEX:BTCUSD
by Anoinvest
2
Bitcoin Analysts Eye Downtrend as Halving LoomsBitcoin, the world's most popular cryptocurrency, is facing a wave of uncertainty. While some investors eagerly await the upcoming halving event, anticipating a price surge, analysts warn of a potential downdrift. The Halving Shadow The Bitcoin halving, scheduled to occur in 10 days, is a pre-programmed event that cuts the rewards for mining new Bitcoins in half. This scarcity is often theorized to drive up the price due to increased competition for a limited supply. However, some analysts, like Benjamin Cowen, believe historical data suggests a possible price decline around the halving period. Mirroring the Past? Cowen highlights a potential trend where Bitcoin's price movement during previous halving events might be repeated. According to his analysis, there's a chance Bitcoin might see a downward correction leading up to the halving. It's important to remember, however, that past performance is not necessarily indicative of future results. Beyond the Halving Several other factors could influence Bitcoin's price trajectory: • Regulations: Regulatory scrutiny from governments around the world could dampen investor enthusiasm. • Institutional Adoption: Increased mainstream adoption by financial institutions could provide a significant price boost. • Market Sentiment: Broader market sentiment and risk appetite can significantly impact Bitcoin's volatile price movements. Is a Crash Imminent? While a significant crash can't be entirely ruled out, expert opinions are divided. The upcoming halving remains a source of debate, with some predicting a price surge and others a potential correction. Navigating the Cryptoverse For investors considering entering the Bitcoin market, careful research and a strong understanding of the inherent risks associated with cryptocurrency are crucial. Disclaimer This article is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any investment decisions.
BITSTAMP:BTCUSD
by bryandowningqln
I was hacked. Possible many others have been alsoFound multiple random connections that trace back to Japanese companies(the web shows they had been hacked & Alps alpine has government contracts possibly????). The devices didn't have any information besides Mac addresses. A couple unknown devices, a couple phones, an Gen 1 Honda and I would bet others I don't know about. I bet they have ransomware in my firmware. I sold it all pulled my money out of the exchanges and have ordered a new phone already. On tradingview an random chart showing EGLD shorts had shown up.... Wtf Be safe if they get a hold of your stuff it can be terrible. Wasn't worried about anything but now with mutiple ships hitting bridges... It is time to risk off and or to use the ETF trading I feel. This sucks but it would suck more to have it all taken from me. Be safe PROTECT YOURSELF!! NOT FINANCIAL ADVICE!!
COINBASE:BTCUSD
by Polarbearman
3
#Bitcoin bounced from our Support zone, What's next?#Bitcoin is currently encountering resistance. Is it a liquidity hunt around the all-time high (ATH), or a genuine breakout? Nobody knows for certain! We're in a waiting game. Based on previous charts, we seem to be leaning towards Scenario 1. A break and close above this level could potentially trigger a rally to a new ATH. Fingers crossed for a positive outcome! 🤞 Caution:- With just 10 days to go for the Halving, it's crucial to note that corrections often occur around halving dates. Exercise caution with your leverage positions. I am spot long and ready to load any dips in Altcoins! Conclusion:- While BTC appears poised for a breakout, it's crucial to acknowledge the possibility of a correction in this area. I'll ensure to keep you updated, so please remember to hit the like button and bookmark this chart for future reference! 📈
Long
by Cryptorphic
2
75: BTC Hits Target of $62K, What Can We Expect Next?Bitcoin has once again surged to new heights, hitting the anticipated target of $62,000. As traders, it's crucial to reassess our strategies and expectations in light of this milestone. Technical Analysis: Following an extended bullish run, it's reasonable to anticipate a slowdown and a potential pullback. Taking profits at this juncture might be a prudent move. Key support levels to monitor are at $46,000 and $30,000, which have historically demonstrated significance in Bitcoin's price action. Upside Potential: Despite the possibility of a slowdown, the bullish momentum remains palpable. With institutions continuing to pour funds into the market, the upside potential remains considerable. Setting our sights on $95,000 as the next major target seems justified, considering the ongoing institutional interest and broader market sentiment. Institutional Influence: It's essential to acknowledge the increasing involvement of institutional players in the cryptocurrency space. While their influx of capital has undoubtedly contributed to Bitcoin's meteoric rise, it's worth noting that their positions are continuously growing. This suggests that the current bullish trend may still have room to evolve further. Price Action Outlook: While a pullback would align with traditional market dynamics, Bitcoin has repeatedly defied expectations with its volatility and resilience. Hence, while a clean pullback is a plausible scenario, there's also the possibility of the upward trajectory persisting. In summary, while it's prudent to prepare for a potential slowdown and consider taking profits, the overall outlook for Bitcoin remains bullish. With institutional interest showing no signs of abating, the path to $95,000 seems increasingly plausible. However, it's essential to remain vigilant and adaptable in response to evolving market dynamics.
CME:BTC1!
by Soldi75
BTC halving month ..what can expect?BTC / USDT BTC highest monthly candle closure ever yesterday above 71k (In HTF we did breakout on monthly ✔️) Also BTC halving is after 18 days only Historically it was one of most bullish events But usually preceded by some corrections first before BTC going wild Maybe even the correction phase is ended by the recent correction we did to 60k .. 2 weeks ago Yes we can still see some more corrections and boring days until halving But the most important thing for me thats no monthly candles close below 58k so we can consider this is real breakout on monthly and not fakeout Besr of wishes
Long
by Babenski
39
Two Weeks Away For Bitcoin’s Next HalvingBitcoin's upcoming halving event is just two weeks away or approximately 2,000 blocks away, says The Block's Bitcoin Halving Countdown page. The countdown is based on Bitcoin's average block generation time of 10 minutes, indicating a potential date of April 20 at around 1 p.m. ET. The upcoming halving event will see the reward for miners on the network drop from 6.25 to 3.125 BTC per block. Halvings are programmed to occur every 210,000 blocks, roughly every four years. After a halving event, miners receive 50% fewer bitcoins as a reward for every block they mine and add to the blockchain. However, they continue to earn additional transaction fees for each block mined as usual. Bitcoin ( CRYPTOCAP:BTC ) has had three halving events in its history, reducing its block reward inflation from 50 BTC to 6.25 BTC in 2012, 12.5 BTC in 2016, and 6.25 BTC at the last halving event on May 11, 2020. In the long term, there will only be 21 million bitcoins in existence. Halving events have historically been associated with significant fluctuations in Bitcoin's price. While not a direct cause-and-effect relationship, these events have often preceded substantial bull runs in the Bitcoin market. This time around, Bitcoin ( CRYPTOCAP:BTC ) is closer to an all-time high relative to previous halving events. However, the approval of the spot ETFs contributed to a significant change in BTC's supply-demand dynamics, which could impact price during and after the halving. Coinbase analyst David Duong believes that the current Bitcoin ( CRYPTOCAP:BTC ) rally is largely a result of this new phenomenon amid spot ETF inflows and rising institutional interest, which have "irrevocably altered" the Bitcoin market. "This means that Bitcoin's response to the upcoming halving may not necessarily mirror its performance in prior cycles," he added.
BINANCE:BTCUSDLong
by DEXWireNews
BTCUSD Analysis (6th April 2024) Crypto Analysis (6th April 2024) BTCUSD Analysis on the 4 hour timeframe, price action pullback to the 4 hour Bullish Orderblock. THis is where price action rejected from and created a 4 hour Change of Character, indicating that the market is changing from a bearish pullback to a bullish continuation. In the image you can see that price action has been respecting the bullish orderblock formed showing us that the bullish orderflow is still in play. Ideally there are 2 scenarios i see could play out. 1. I want to see price break above the 70k mark with a body candle close, before retesting that level to continue creating higher highs. 2. If breaks fails to hold the bullish orderblock, we should have the price action create a body candle close below 62.3k to SELL
BINANCE:BTCUSD
by CallistoFX
Bitcoin - macro analysis, determining the potential peak of the Hello, fellow traders. At the beginning, the first observation - we are in such a phase of the cycle that even I want to write something... :) It will be short and to the point. Not everyone will like it, because they don't assume that we get into the rockets, fasten our seat belts and fly immediately "to the moon". My previous analysis (unfortunately not available here, but it is on Twitter) based on a logarithmic chart and a simple RGR precisely measured the bottom of the bear market. When I drew it in April 2022, no one was convinced of such a possibility, no one wanted to see RGR at all. And of course, as I remember today, the voices saying "We will never be below 30k again!" Coming to the heart of the matter, i.e. the current situation: 1. It seems very strange to me that we did not make a proper correction on the way to the current highs 2. Since we did not make a correction, I think it is very likely that we will make it by bouncing from the previous ATH. 3. The chart from ATH to the current moment looks like an arc movement to me 4. That's why I selected the "cup and handle" formation as an ideal one for drawing a macro projection assuming a correction from the previous peak. 5. I drew a line from the bottom of the bear market to the ATH and copied it above the current ATH to mark the top of the next bull market. Let me remind you that we are on the LOG chart. 6. In order not to limit myself perfectly to the lines from this simple measurement, I made two Fibonnacci retracements: - One from the bottom of the bear market to now - Second from the bottom of the last correction to now 7. I marked the peak zone between 5,618 fibo levels 8. I marked the correction zone between the 0.5 Fibo retracements The potential peak according to this projection is $270-312k, but first we need to break the levels of the green zone. To sum up, personally I am ready for correction and I expect it. Greed is high, memes are going crazy - it's time to trick the street and buy it back in a few months, when they will be disappointed in the boom.
by cryptodailyuk
$BTCUSD - Short again at 69500 for the best gainsEverything is in the chart but lets review my take. Leaving wolfewave pattern aside, we were in an ascending triangle which broke down, uncommon but not rare sighting. Bulls were hoping it to break out but if I have learned anything from Bitcoin, it works against all odds. So we broke down and now bulls are trying really hard to get back inside it, which will make this triangle completely invalid and we may see 71-72k once again. On the flip side, if 69500 is not penetrated in next 4-8 hours, then we will retrace back as bulls will lose the steam and Asian markets will take over which is typically selling off things, and if Friday US market is in bad shape then bulls will turn bears to retest under 60k in coming week.
COINBASE:BTCUSDShort
by dad-bit
Markets React to Rate Cut News ETF outflows and government movement of crypto assets push price of BTC down: As we have seen in recent weeks, the price of BTC declined alongside increasing ETF outflows, as Cathie Wood’s ARK 21Shares Bitcoin (BTC) ETF experienced its first outflows, dropping from above $70K to a low of $64.5K on Tuesday. Further headwinds included the movement of 30,175 BTC by the U.S. government, sparking concerns over whether the assets would be sold or held in custody. Equity and crypto markets impacted negatively by May rate cut doubts: U.S. equities and crypto markets dropped this week as the market ruled out a rate cut coming in May, with the expectation that the June meeting will deliver the first rate cut of the year rising to 62.3%. US manufacturing expanded in March, and the personal consumer expenditures price index accelerated in February from the previous month, suggesting the economy is continuing to grow while progress on inflation has stalled. Altcoins and memecoins decline in response to BTC drop: Altcoins saw a heavy pullback in the wake of BTC shifting downward. AI-related tokens in particular saw some of the largest declines, while memecoins also experienced a slight correction following their strong run up in the past couple of weeks. SBF sentenced to 25 years on seven counts of fraud and conspiracy: Sam Bankman-Fried (SBF), the founder and former CEO of the collapsed crypto exchange FTX, was sentenced to 25 years in prison last week for seven different fraud and conspiracy charges. The FTX exchange was once valued at FWB:32B at the height of the previous bull market before collapsing as it was discovered that over SEED_TVCODER77_ETHBTCDATA:8B of customer funds had been stolen. 🥩 Topic of the Week: What is Staking? 👉 Read more here
GEMINI:BTCUSD
by Gemini
Nothing can stop it BTCMy previous long setup was pretty perfect. I entered lower wait for the panic to finish, and the support zone i marked worked perfectly. Now, you can do whatever you want, but for sure you can't short Bitcoin. Gold is rising without any break, and you can't stop the rise for BTC. I think we will see a new ATH probably before the Halving, and $75k is higly possible. I moved my stops in break even, but i think in the next 72 hrs we will see lot of volatility. Stay tuned
Long
by SaliJournal
6
Has Bitcoin already reached its peak, or just a Shakeout?Let's address the common question here:- Has Bitcoin already reached its peak, or is there still more potential for growth? Taking a look at the chart, Bitcoin (BTC) is presently trading near the 35-day Exponential Moving Average (EMA), a level that often serves as a short-term support for price bounces. The subsequent support level could be around the .382 Fibonacci retracement level, approximately at the $60.2k mark. Interestingly, this level coincides with the 65-day EMA, suggesting a robust support zone. Therefore, it's plausible to anticipate price consolidation between these EMAs, influenced by both lower time frame (LTF) and higher time frame (HTF) support levels. Moreover, a potential catalyst for a breakout could be the upcoming halving event. Historically, Bitcoin has experienced price rallies following halving events due to decreased supply issuance. This suggests a possibility of upward momentum post-halving. However, it's important to remember that no one knows with full certainty what will happen; this is all speculation. In summary, considering these factors, two plausible short-term scenarios have been outlined in the chart which I think can play out in the next few weeks! DYOR, NFA Please hit the like button to show your support. I will keep this chart updated and will post more this week. Thank you #PEACE
Long
by Cryptorphic
2