Welcome back to another hourly analysis, Bitcoin has made a lot of upward progress since the previous post and I continue to hold the same sentiment.
Not much has changed since then fundamentally.
Genesis for example did not price in against BTC and will likely stay that way unless we get any damaging updates, same goes with all other FUD cases.
TA wise you can see BTC is still following current trend even after the dip below to range bottom. A break below that WAS expected but BTC bulls are continuing to show strength in the market.
24k-25k will be my target before considering retracement.
RSI is showing signs of weakness which may be cause for another retest of trend before continuing to the top of this newly found range.
Remember this is a very risky time to trade Bitcoin as it has been quite relentless over the last couple of days.
Any questions thoughts criticism please leave them in the comments below I really want to hear from people.
Not much has changed since then fundamentally.
Genesis for example did not price in against BTC and will likely stay that way unless we get any damaging updates, same goes with all other FUD cases.
TA wise you can see BTC is still following current trend even after the dip below to range bottom. A break below that WAS expected but BTC bulls are continuing to show strength in the market.
24k-25k will be my target before considering retracement.
RSI is showing signs of weakness which may be cause for another retest of trend before continuing to the top of this newly found range.
Remember this is a very risky time to trade Bitcoin as it has been quite relentless over the last couple of days.
Any questions thoughts criticism please leave them in the comments below I really want to hear from people.
Comment:
Previous idea for reference:
Comment:
BTC has fallen before the channel median and accepted support once again at the bottom of our range. So far this is playing out very similar to our previous consolidation period. As I have mentioned previously I have started seeing RSI weakening and right now it is moving below the baseline (50) and it is still very possible & likely we could touch the bottom of the channel for liquidity before another large move up.
Comment:
Playing out just as I had anticipated! Moving sideways with tons of wicks up & agressive buyer pressure at the bottom of range bringing us to the bottom of the channel without making a higher low is a pretty good sign of market strength.