As i had explained the current state of market in my previous publication. Now i am going to demonstrate what i think is going to happen in the previous weeks and months.
State of bitcoin price
Going to the chart, we can see that the price is trading for a while in the blue channel formed on April 2021. This diagonal levels (blue channel) are being well respected over time. Counting at least 4 support and 4 resistance touches (marked with the circles in the chart). Bitcoin rith now is being traded nearly 30.500$ Precisely in the bottom of this blue channel that i have presented before. Looking into indicators we can see that RSI is in a local bottom support iniciated long ago on 2020 august and Stockastic RSI is in oversold areas ,meaning we are getting strong in terms of momentum. This current state of bitcoin chart leaves us with just one problem the lack of volume derived from the fear in the overall market.
Current opinion
Given the market conditions and all the things we have examine i am waiting for a relief rally to the 36.000$ price level (orange circle)
This 36.000$ level because:
- 50W moving average resistance;
- 0,236 Fib retrace level;
- And local support & resistance level in the history of bitcoin (horizontal line);
Overall i think we haven´t reach yet the bottom of this cycle on bitcoin, saying that I espect more downsize for the future on this chart.
State of bitcoin price
Going to the chart, we can see that the price is trading for a while in the blue channel formed on April 2021. This diagonal levels (blue channel) are being well respected over time. Counting at least 4 support and 4 resistance touches (marked with the circles in the chart). Bitcoin rith now is being traded nearly 30.500$ Precisely in the bottom of this blue channel that i have presented before. Looking into indicators we can see that RSI is in a local bottom support iniciated long ago on 2020 august and Stockastic RSI is in oversold areas ,meaning we are getting strong in terms of momentum. This current state of bitcoin chart leaves us with just one problem the lack of volume derived from the fear in the overall market.
Current opinion
Given the market conditions and all the things we have examine i am waiting for a relief rally to the 36.000$ price level (orange circle)
This 36.000$ level because:
- 50W moving average resistance;
- 0,236 Fib retrace level;
- And local support & resistance level in the history of bitcoin (horizontal line);
Overall i think we haven´t reach yet the bottom of this cycle on bitcoin, saying that I espect more downsize for the future on this chart.