Bitcoin is currently maintaining the 200-day moving average, this is displayed but on the 6h so I can monitor price action more closely.
The price of bitcoin bounced off the .382 Fibonacci retracement level twice, first on the 7th of August and the second time on the 9th of August.
This level was previously acting as resistance on the 31st of July and 1st of August. Whilst below the 200-day moving average it seemed the price of bitcoin would likely dump but once the trend broke on the 6th of August the 200-day moving average was a close target for me.
Since we have shown strength by reclaiming the mentioned Fibonacci retracement level as well as breaking the long-term downtrend and rising above the 200-day, I am expecting the next move of bitcoin is to 46.8k which is the .5 Fibonacci retracement level.
Finally, there is a bearish divergence on the stochastic rsi, this is more prominent on the 12h and daily timeframe but I have marked it out on the 6h included in this idea. Although the bearish divergence is a sell signal I believe that we have maintained the 200-day which should be enough to bring the price up to the next level. If we break below the 200-day then it would suggest we are in for a trend reversal. As of now, I believe the previous points I have mentioned outweigh this bearish divergence and therefore I am bullish on the price of bitcoin.
Make sure to trade safely and use a stop loss, don't enter the market if you haven't researched your own strategy and put it into practice. Trading with leverage can be extremely risky if done incorrectly and cause loss of funds.
The price of bitcoin bounced off the .382 Fibonacci retracement level twice, first on the 7th of August and the second time on the 9th of August.
This level was previously acting as resistance on the 31st of July and 1st of August. Whilst below the 200-day moving average it seemed the price of bitcoin would likely dump but once the trend broke on the 6th of August the 200-day moving average was a close target for me.
Since we have shown strength by reclaiming the mentioned Fibonacci retracement level as well as breaking the long-term downtrend and rising above the 200-day, I am expecting the next move of bitcoin is to 46.8k which is the .5 Fibonacci retracement level.
Finally, there is a bearish divergence on the stochastic rsi, this is more prominent on the 12h and daily timeframe but I have marked it out on the 6h included in this idea. Although the bearish divergence is a sell signal I believe that we have maintained the 200-day which should be enough to bring the price up to the next level. If we break below the 200-day then it would suggest we are in for a trend reversal. As of now, I believe the previous points I have mentioned outweigh this bearish divergence and therefore I am bullish on the price of bitcoin.
Make sure to trade safely and use a stop loss, don't enter the market if you haven't researched your own strategy and put it into practice. Trading with leverage can be extremely risky if done incorrectly and cause loss of funds.
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