Quick and simple TA on Bitcoin
After ranging between 7700 - 8700 for almost a month, this weekend saw a breakout that surpassed 10,000.
- After a brief moment at 10,250, we saw price action pull back quickly to retest 8,750
- This is a good sign showing strong support (which was previous resistance)
- We now observe a possible bull flag formation and price squeeze at about 9,250
- Bulls seem to be running out of steam as volume is slowing down
Things to look out for,
- break out to either upside or downside is possible
- surge in volume
- retest of support at 8,750
Indicators
- Stoch RSI is bearish, but looking to return bullish
- MACD looking to turn bearish
- RSI generally overbought, but dont rely heavily on this
Compare to longer term analysis to make an informed decision.
After ranging between 7700 - 8700 for almost a month, this weekend saw a breakout that surpassed 10,000.
- After a brief moment at 10,250, we saw price action pull back quickly to retest 8,750
- This is a good sign showing strong support (which was previous resistance)
- We now observe a possible bull flag formation and price squeeze at about 9,250
- Bulls seem to be running out of steam as volume is slowing down
Things to look out for,
- break out to either upside or downside is possible
- surge in volume
- retest of support at 8,750
Indicators
- Stoch RSI is bearish, but looking to return bullish
- MACD looking to turn bearish
- RSI generally overbought, but dont rely heavily on this
Compare to longer term analysis to make an informed decision.