Let's see how BTC is behaving.
This is a Weekly chart.
Bitcoin surprised most of us last night, let's dive in.
The Fib retracement shows that the price is slowing down for more consolidations after this crash, but this is forming another bearish flag. Those two support levels on the chart are the only places the price can get help from.
The market is showing STRONG SELL 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 below 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: $35500
Let me know your ideas.
Good luck.
This is a Weekly chart.
Bitcoin surprised most of us last night, let's dive in.
The Fib retracement shows that the price is slowing down for more consolidations after this crash, but this is forming another bearish flag. Those two support levels on the chart are the only places the price can get help from.
The market is showing STRONG SELL 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 below 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: $35500
Let me know your ideas.
Good luck.
