Bitcoin - From Ressistance to Support.
Updated
Hey, I am back with another Technical Analysis, this time looking again at Bitcoin, because when I dont know whats going on with Bitcoin, I dont trade.
Okay, everyone know what Bitcoin is, so lets just move on looking at the chart.
What you can see on the Chart?
You can see that Bitcoin was in strong downtrend, tried to find support at 7600 but failed, this level was a strong ressistance for Bitcoin. Bitcoin has found some good support at 7200 level, as I posted In my previous TA when is the best time to buy Bitcoin
if you read my TA properly you could have bought Bitcoin as low, as it has fallen, I bought at 7084, which is one of best positions, because I dont see Bitcoin falling lower than that in few months.
Okay, so for a longer period of time the 7600 was a strong ressitance, but yesterday, Bitcoin has made its way through this ressistance, and locked candles above this level, what is a strong bullish is that the 7600 acted as support few times, which means Bitcoin is really strong right now.
You can see there is a Potentional trend change candle which always occurs as trend changes, also you can that daily MACD trend has changed, this can be another big rally.
Now moving on to the RSI, as there are few things I would like to talk about.
As Bitcoin were downtrending, you can see it was really strong oversold, the 40 level acted as strong ressistance, and Bitcoin just had not enough demand, as I said, no smart money goes against the Trend.
But, the Potentional trend change Candle made something really great with Demand, it literally changed the demand for Bitcoin. Currently Bitcoin has found Support at 40 level, which was ressistance before, and its bouncing off strong demand levels, thats another bullish Indication, you can see that another wave of buyers is on the way as MACD slide.
Take look at EMA, how it was acting as ressitance, and now as Support.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel!
Hope I made your view on whats going on with Bitcoin somehow clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
Okay, everyone know what Bitcoin is, so lets just move on looking at the chart.
What you can see on the Chart?
You can see that Bitcoin was in strong downtrend, tried to find support at 7600 but failed, this level was a strong ressistance for Bitcoin. Bitcoin has found some good support at 7200 level, as I posted In my previous TA when is the best time to buy Bitcoin
Okay, so for a longer period of time the 7600 was a strong ressitance, but yesterday, Bitcoin has made its way through this ressistance, and locked candles above this level, what is a strong bullish is that the 7600 acted as support few times, which means Bitcoin is really strong right now.
You can see there is a Potentional trend change candle which always occurs as trend changes, also you can that daily MACD trend has changed, this can be another big rally.
Now moving on to the RSI, as there are few things I would like to talk about.
As Bitcoin were downtrending, you can see it was really strong oversold, the 40 level acted as strong ressistance, and Bitcoin just had not enough demand, as I said, no smart money goes against the Trend.
But, the Potentional trend change Candle made something really great with Demand, it literally changed the demand for Bitcoin. Currently Bitcoin has found Support at 40 level, which was ressistance before, and its bouncing off strong demand levels, thats another bullish Indication, you can see that another wave of buyers is on the way as MACD slide.
Take look at EMA, how it was acting as ressitance, and now as Support.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel!
Hope I made your view on whats going on with Bitcoin somehow clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
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