BITCOIN - Updated ✅Let's see how BTC is behaving.
This is a 1D chart. (Mid Term)
The upper Bollinger band has rejected BTC, and now it's sitting on support. If that local support is strong enough, we would see another pump to the following local resistance.
Support levels: $41369
Resistance Area: $50542
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing BUY volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $45090
Let me know your ideas.
Good luck.
