Hi everyone,
Today I decided to go for a TA on BTCUSD mainly because of all the hype lately of BTC hitting 13K and going past that.
Here are the highlights:
- So far BTC has been bullish since the COVID-19 crash halfway of march 2020. (Blue ascending channel). (bullish sign)
- BTC got a nice boost of the support area around 10K-10.5K which made the jump to 13K possible (bullish sign)
- RSI indicates BTC has been overbought three times even though the chart/trend remained bullish. (bearish sign)
- The RSI also indicates that de the tops are at the same height en even slightly declining while the chart/trend remains going up. Indicating a reversal trend (bearish sign).
- The yellow dotted line shows a curve in which the trend slowing down pointing downards as well (bearish sign)
- As our current position is now between 13K and 14K we could be getting heavy resistance because of the earlier resistance from halfway june 2019 (bearish sign)
For now I'm betting my chances that BTC could drop down to 12K-10K, because of the hidden bearish signs. After that somewhere in Q1 2021 a new strong bullish trend continues. For know I stay neutral until future trends confirm otherwise.
Trade safe, stay safe!
______________________________________________________________________________________________________
I'm purely a beginner in technical analysis. Let me know what you thinnk about my analysis and hit like or a follow if you like my ideas.
Feel free to comment or share your own analysis, I would gladly share thoughts with you.
Any of your feedback is my motivation to keep going and to learn more about Technical Analysis!
Today I decided to go for a TA on BTCUSD mainly because of all the hype lately of BTC hitting 13K and going past that.
Here are the highlights:
- So far BTC has been bullish since the COVID-19 crash halfway of march 2020. (Blue ascending channel). (bullish sign)
- BTC got a nice boost of the support area around 10K-10.5K which made the jump to 13K possible (bullish sign)
- RSI indicates BTC has been overbought three times even though the chart/trend remained bullish. (bearish sign)
- The RSI also indicates that de the tops are at the same height en even slightly declining while the chart/trend remains going up. Indicating a reversal trend (bearish sign).
- The yellow dotted line shows a curve in which the trend slowing down pointing downards as well (bearish sign)
- As our current position is now between 13K and 14K we could be getting heavy resistance because of the earlier resistance from halfway june 2019 (bearish sign)
For now I'm betting my chances that BTC could drop down to 12K-10K, because of the hidden bearish signs. After that somewhere in Q1 2021 a new strong bullish trend continues. For know I stay neutral until future trends confirm otherwise.
Trade safe, stay safe!
______________________________________________________________________________________________________
I'm purely a beginner in technical analysis. Let me know what you thinnk about my analysis and hit like or a follow if you like my ideas.
Feel free to comment or share your own analysis, I would gladly share thoughts with you.
Any of your feedback is my motivation to keep going and to learn more about Technical Analysis!
Comment:
4H Timeframe:
Comment:
1H timeframe:
Comment:
1H timeframe - second bearish candle is forming:
