BTCUSD - 1W Analysis
I've been studying the weekly chart of BTC with the RSI and found out something interesting, I guess.
It seems that a break up or break down of the ~42 RSI level on the weekly chart triggered a new bull- or bear market. In 2014, this level seemed to be the trigger to confirm a longer term bear market. The bear market continued untill this...
The .618 fib level is known as the golden ratio, a place where usually a lot of buyers will be stepping in.
This .618 fib level of the last run up is at ~7800 USD. Also a big support level ~7600 USD.
Depending on the price action at these levels this could be a good opportunity to build a long position.
STRATBTC Log-scale
Previous support becomes resistance and vice versa.
Heavy resistance in the red zone which was tested multiple times in the past.
STRAT needs to break that resistance which will be a big deal IMO.
BTC currently in a falling wedge.
Was not able to break out yet.
If it won't break out soon I think it will test strong support at the .786 at 6599 USD again (grey fib level).
Break out of falling wedge does not mean that the bear market is over. Lots of resistance above it.
If the 6599 support breaks I think BTC will be headed towards at least 4400-5000;...
