BTC has faced some draw down recently because of the new corona visus strain discovered in South Africa, which led to swift reactions throughout the stock and Crypto markets.
This move can also Be seen as a temporal correction on BTC after Hitting all time highs.
But from the D1 chart, we realise a trend developing to the up side. On this same trend line, price has returned to a previous high, indicating an area of resistance between 54,000 and 51,000. As long as BTC doesn't break 51000 with strong bearish momentum on the D1 time frame, we should expect BTC to push to the up side, above 70,000 to arround 71,000.
The RSI, is approaching oversold region, the stochastic is already in oversold.
Another confluence which we should watch is the fundamental aspect of this period after thanks giving, most huge ponds of BTC (%150) have been withing this time after thanks giving, at the end of the year. If we study the historical data properly, we will take note of this
So a closer watch of price action at the above price range, and once we notice an array of confluences, like candle stick patterns, rejecting the downside on this trend line, it might be time to enter BTC long.
I will do a similar analysis on the W1 time frame
The above analysis is based on my personal analysis and should not be taken as investment advice
JJ KANTE
Thanks🙏
This move can also Be seen as a temporal correction on BTC after Hitting all time highs.
But from the D1 chart, we realise a trend developing to the up side. On this same trend line, price has returned to a previous high, indicating an area of resistance between 54,000 and 51,000. As long as BTC doesn't break 51000 with strong bearish momentum on the D1 time frame, we should expect BTC to push to the up side, above 70,000 to arround 71,000.
The RSI, is approaching oversold region, the stochastic is already in oversold.
Another confluence which we should watch is the fundamental aspect of this period after thanks giving, most huge ponds of BTC (%150) have been withing this time after thanks giving, at the end of the year. If we study the historical data properly, we will take note of this
So a closer watch of price action at the above price range, and once we notice an array of confluences, like candle stick patterns, rejecting the downside on this trend line, it might be time to enter BTC long.
I will do a similar analysis on the W1 time frame
The above analysis is based on my personal analysis and should not be taken as investment advice
JJ KANTE
Thanks🙏
