BITCOIN BROKE THE FIB LEVEL BUT RSI SHOWING SOME VOLUME HERE.
Welcome dear members to this important update on BTC. To get a clear picture, I am using a lower timeframe of 2 hours.
The daily open was great for BTC. It exactly bounced back from the 0.618 Fib level but it couldn't break through the 0.5 Fib level. The rejection was exactly from the 0.5 Fib level ($39400). The current picture of BTC looks scary as it has broken below the 0.618 Fib level. The chart may look bearish here and may dump up to the 35k level but what's keeping the positivity here is the RSI. In the LTF, we can see some bullish divergence coming in RSI. The price of BTC is falling making a lower high & lower low but the RSI is making a higher low & higher high.
I am not saying that this could be the exact level from where BTC will bounce, BTC could fall further if the buying volume decreases. But technically, this is bullish. I won't hesitate to get into BTC at the current level but it is always wise to wait for proper confirmation. And for me, the proper confirmation will be the daily close. If BTC sustains this level or drops down lower than the current level but the RSI still indicates the bullish divergence pattern then it would be good to enter.
So, let's keep an eye on the RSI level.
What is your thought on the current scenario? Do you agree with this idea or you are viewing BTC price in a different way?
Do let me know in the comments.
Like and follow are highly appreciated.
Thank you, guys.
I'll see you on my next update.
The daily open was great for BTC. It exactly bounced back from the 0.618 Fib level but it couldn't break through the 0.5 Fib level. The rejection was exactly from the 0.5 Fib level ($39400). The current picture of BTC looks scary as it has broken below the 0.618 Fib level. The chart may look bearish here and may dump up to the 35k level but what's keeping the positivity here is the RSI. In the LTF, we can see some bullish divergence coming in RSI. The price of BTC is falling making a lower high & lower low but the RSI is making a higher low & higher high.
I am not saying that this could be the exact level from where BTC will bounce, BTC could fall further if the buying volume decreases. But technically, this is bullish. I won't hesitate to get into BTC at the current level but it is always wise to wait for proper confirmation. And for me, the proper confirmation will be the daily close. If BTC sustains this level or drops down lower than the current level but the RSI still indicates the bullish divergence pattern then it would be good to enter.
So, let's keep an eye on the RSI level.
What is your thought on the current scenario? Do you agree with this idea or you are viewing BTC price in a different way?
Do let me know in the comments.
Like and follow are highly appreciated.
Thank you, guys.
I'll see you on my next update.
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