All you need to know about the Bitcoin and not to flush your money down the drain.
Facts
1. The price is clamped to the current range $8,107-10,080 (1st), the previous one = $4,644-6,990 (2nd).
2. The price has formed the Grand range = $3,858-10,953 (3rd).
3. These three ranges have formed three zones of magnetism (orange blocks).
4. The trend line (this_is_not_an_uptrend) is holding the price, but this line is not an uptrend, because the February maximum $10,522 hasn't been updated yet.
Forecast
1. The price is climbing at a steep angle trend line (steep_angle) and this movement isn't supported by the RSI (the indicator is below the trend).
2. A bearish divergence is formed by the RSI.
3. The Bitcoin doesn't feel strong and there is a strong seller at the level of $9,900. There aren't enough buyers at this price, though.
4. Until the 3-day candle closes above the zone of $10,540-10,953 shorts are preferred. The first buy signal = closing a candle above the range ($10,080).
5. It's more expected that the price will retest the first area of magnetism = $7,300. A short-term drop to the 10k level does not cancel the forecast, but strengthens it. Cancel = reffer to the term 4.
Not a trading recommendation.
PM me for requests of TA (free).
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Be healthy.
Stay safe.
Facts
1. The price is clamped to the current range $8,107-10,080 (1st), the previous one = $4,644-6,990 (2nd).
2. The price has formed the Grand range = $3,858-10,953 (3rd).
3. These three ranges have formed three zones of magnetism (orange blocks).
4. The trend line (this_is_not_an_uptrend) is holding the price, but this line is not an uptrend, because the February maximum $10,522 hasn't been updated yet.
Forecast
1. The price is climbing at a steep angle trend line (steep_angle) and this movement isn't supported by the RSI (the indicator is below the trend).
2. A bearish divergence is formed by the RSI.
3. The Bitcoin doesn't feel strong and there is a strong seller at the level of $9,900. There aren't enough buyers at this price, though.
4. Until the 3-day candle closes above the zone of $10,540-10,953 shorts are preferred. The first buy signal = closing a candle above the range ($10,080).
5. It's more expected that the price will retest the first area of magnetism = $7,300. A short-term drop to the 10k level does not cancel the forecast, but strengthens it. Cancel = reffer to the term 4.
Not a trading recommendation.
PM me for requests of TA (free).
Like if useful.
Subscribe.
Be healthy.
Stay safe.
