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Btcbounce

Bitcoin has found a bottom...FOR NOWAfter the recent selloff in the crypto market following the FTX news, things seem to have finally started cooling down. As we can see with a clear divergence in both the MACD and RSI between the recent bottom and June's bottom, in addition to the positive MACD crossover which marked most of the recent tops and bottoms, it seems that both INDEX:BTCUSD and the crypto market are finally due to a relief rally. However, the setup is on the 2D chart. So, it might need some time to play out. My guess is we should be good to go around next Wednesday when the US CPI data is released. The important key levels I'm looking for, for a take profit and potential are reversal are as marked on the chart below. The first target corresponds to the area around the June low and very important level as we also have the 50 and 100 daily moving averages which both acted as a level of resistance during the period of this bear market. We should first expect a pullback upon reaching it, and after that maybe a continuation to the 21500 level before seeing a start of a new uptrend or a continuation to the downside. P.S. Always do your own analysis before making a trade!
Long
by m3rr0r
1
First bounce with valid RSI support First, this is not entirely my idea. Someone posted it in chat, and then deleted it immediately and then I couldn't find them or their chart. But I saw it long enough to get the picture. The 3 bounces prior to this one since $17.8, have all crossed over above 30 on the RSI, on the 4 hour. Generally those aren't oversold enough conditions to make significant impact. This one is different however, as you can see it crossed below the 30, and that's a bullish signal. Couple that with the double bottom and it makes for a compelling case for a strong rally to the upside. In any case, I'm staying cautious, leaning a bit bullish. Will place some longs if we can get clean above $21,500. But they will be tightly controlled as things are tricky to read right now. There are other indicators working against BTC too of course. Zoomed in, the chart actually shows a triple bottom forming on the 15m, which is like a double bottom, but more specifically a reversal signal. Regardless of all of this, the chart zoomed out, at a glance, looks quite sketchy, IMO, but I still think we go to low $22k.
Long
by D-Rock_Anomaly
2
BITCOIN when do the BEARS WIN?What's up everyone! 😃 The answer depends on many factors and we will be looking at a couple of different ones in the form of price acion patterns, indicators and reracements. ------------------------------------ Part 1: The Daily Chart; Channel life, the daily SMAs/EMAs and the trend's Fibonacci levels. - The Daily SMAs 50: 41.8k 100: 41.6k 200: 48.2 - The EMA Ribbon 20 Day EMA to Day 60 EMa 44k-43kk - The ascending channel Top: 48.300-48.600 Bottom: 38.400-38.800 - The trend's (32.9k-48.2k) Fibonacci retracement 23.6: 44.6k 38.2: 42.4k 50.0: 40.6k 61.8: 38.7k 65.0 38.3k 78.6: 36.2k ------------------------------------- Next Strong Support (lower green circle): - 50&100 day SMAs - The 38.2 level on the trend's Fibonacci retracement = 42.4k-41.6k Next Strong Resistance (upper green circle): - Daily EMA 20 - 23.6 Fibonacci level = 44k-44.6k ------------------------------------- Trend support (lower red circle): To stay in this trend that we are in since January now in form of this ascending channe, we need to hold the bottom of the channel as a worst case scenario. The good news is that there is more support in that area: - Ascending Channel support - 61.8 & 65 Fibonacci levels = 38.3k-38.7k Trend Resistance (upper red circle): (confirmation to the upside with daily close above) - Ascending channel resistance - 200 day SMA = 48.2k - 48.6k ------------------------------------- Conclusion: - The bears start winning if we fall below 41.6k and they officially start to take control below 38.3k - The bulls start seeing a reversal to the upside above 44k and start to take full control above 48.2k ------------------------------------- I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise. As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏 Happy Trading ✌♥📈
by DeFeye
1