UPDATE: BTC analysis - What's next? Bull or Bear?
BTC corrected 7.4% after the bearish Supertrend Ninja - Clean signal. Price got rejected at 44,800 USDT. Right around the heavy resistance of the VPVR.
Currently the BTC price is sitting on a weak support level, bouncing from 40,500 USDT support. Below the current price there isn't a lot of support from the VPVR.
Also the BTC price is below the kumo cloud. The conversion line (blue line) made a bearish cross with the base line (red line) as well. The lagging span (green line) is currently trading around the BTC price, which means it's undecided. Usually when the lagging span is below the price, it's a bearish signal.
Please note the conversion, base line and the lagging span on the daily level are all trading around the BTC price. Which means we are in at an important decision level.
The Stoch RSI is in oversold levels, but it hasn't crossed up to the blue area yet. The RSI isn't heavily oversold. Another drop here to 38,700 - 39,200 isn't impossible. Here we see a good support of the VPVR. Then we will probably see a bullish divergence on the RSI and the Constance Brown RSI.
For BTC to remain bullish on the short term, it needs to reclaim 41,700 USDT, but preferably 43,500 USDT. Which is a stronger support level.
Supports and Resistances are highlighted as grey blocks.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
Currently the BTC price is sitting on a weak support level, bouncing from 40,500 USDT support. Below the current price there isn't a lot of support from the VPVR.
Also the BTC price is below the kumo cloud. The conversion line (blue line) made a bearish cross with the base line (red line) as well. The lagging span (green line) is currently trading around the BTC price, which means it's undecided. Usually when the lagging span is below the price, it's a bearish signal.
Please note the conversion, base line and the lagging span on the daily level are all trading around the BTC price. Which means we are in at an important decision level.
The Stoch RSI is in oversold levels, but it hasn't crossed up to the blue area yet. The RSI isn't heavily oversold. Another drop here to 38,700 - 39,200 isn't impossible. Here we see a good support of the VPVR. Then we will probably see a bullish divergence on the RSI and the Constance Brown RSI.
For BTC to remain bullish on the short term, it needs to reclaim 41,700 USDT, but preferably 43,500 USDT. Which is a stronger support level.
Supports and Resistances are highlighted as grey blocks.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
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