Hey everyone, just wanted to give my thoughts on my short term bitcoin outlook this evening. In looking at the hourly chart we can see that price is playing off of a downward trendline I've marked on RSI. I expect it to bump off of it again before we continue downwards. If we break through the trendline I would expect some upwards movement into the $5500 range, would just have to re-evaluate from there.
We see here on the daily chart that price couldn't break 5350 and broke back down yesterday. I expect price to trend up overnight and into the morning, breaking back down giving us another daily candle that looks like yesterday. I think price may get to $5350 but I don't expect it to go up much more than that. If we get another daily candle that looks something like yesterday that would give us two straight days of upthrusts on the daily and I believe we'd have a pretty solid case for moving down. However, there's always a chance this doesn't happen and we just move on up. Regardless, I'm not sold on this being a true start of a bull run. I feel like we need to move sideways for a while. I'll make another idea in the next few days explaining my reasoning.
Thanks for checking this out. I think I have some good information to offer the community but have some learning to do on here.
We see here on the daily chart that price couldn't break 5350 and broke back down yesterday. I expect price to trend up overnight and into the morning, breaking back down giving us another daily candle that looks like yesterday. I think price may get to $5350 but I don't expect it to go up much more than that. If we get another daily candle that looks something like yesterday that would give us two straight days of upthrusts on the daily and I believe we'd have a pretty solid case for moving down. However, there's always a chance this doesn't happen and we just move on up. Regardless, I'm not sold on this being a true start of a bull run. I feel like we need to move sideways for a while. I'll make another idea in the next few days explaining my reasoning.
Thanks for checking this out. I think I have some good information to offer the community but have some learning to do on here.