*Yellow MA = 200 EMA | Blue MA = 100 EMA
This is my analysis of
BTCUSD
which I think has enormous potential as we continue this current bull run. Currently, I see many different bullish actions playing out:
4H:
1) First we see a "kiss" off of support around the $9335 level and a rebound above the 200 EMA on an increased RSI indicating
further growth.
2) More recently, we've approached minor resistance around the $10980 level which we are approaching with a growing RSI and
with support from the 200 EMA.
1D:
1) On the daily the first thing which I noticed was that the RSI has found support at the 40 level which shows strong bullish sentiment
and continued strength. We also saw the MACD recently connect as we move along our trendline indicating a future break of the
minor resistance (that we currently face) and future bullish action.
2) Second, we see that the larger triangle drawn has been respected in the past, being used as support and resistance. When
the trendline was broken in November 2018, price action broke down and shot towards lower levels (Implying this trendlines'
prominence). The minor resistance we've currently found has been in line with our trendline and continues to move
across it, displaying the importance of this particular triangle. This possible action has us moving above the 200 EMA with a bullish
RSI and at a much more healthy rate than what we've done in the past.
As we move along this trendline in the future, it is likely we find support and resistance at the 0.236 Fib Retracement as we did in the 2017 bull run. However, that's further in the future - currently, we approach minor resistance with a healthy RSI and bullish MACD. All of this recent movement supports this larger trendline bringing us closer to the $20,000 level we saw at the top of the last bull run.
This is my analysis of
BTCUSD
which I think has enormous potential as we continue this current bull run. Currently, I see many different bullish actions playing out: 4H:
1) First we see a "kiss" off of support around the $9335 level and a rebound above the 200 EMA on an increased RSI indicating
further growth.
2) More recently, we've approached minor resistance around the $10980 level which we are approaching with a growing RSI and
with support from the 200 EMA.
1D:
1) On the daily the first thing which I noticed was that the RSI has found support at the 40 level which shows strong bullish sentiment
and continued strength. We also saw the MACD recently connect as we move along our trendline indicating a future break of the
minor resistance (that we currently face) and future bullish action.
2) Second, we see that the larger triangle drawn has been respected in the past, being used as support and resistance. When
the trendline was broken in November 2018, price action broke down and shot towards lower levels (Implying this trendlines'
prominence). The minor resistance we've currently found has been in line with our trendline and continues to move
across it, displaying the importance of this particular triangle. This possible action has us moving above the 200 EMA with a bullish
RSI and at a much more healthy rate than what we've done in the past.
As we move along this trendline in the future, it is likely we find support and resistance at the 0.236 Fib Retracement as we did in the 2017 bull run. However, that's further in the future - currently, we approach minor resistance with a healthy RSI and bullish MACD. All of this recent movement supports this larger trendline bringing us closer to the $20,000 level we saw at the top of the last bull run.