Bitcoin - Small retracement preparing the next Bull Run?
We see that Bitcoin has broken the 9200 level previously formed and tested twice in the last 10 days. We saw now that it shyly reached the 9500$ level, been rejected towards the level 9200$.
Let's put some ideas straight on the line: the more BTC price will hold above 9200$ level, the more this level may act as a powerful support.
If Bitcoin price would break the 9200$ today, target may be the MA200 and Tenkan line (both in 8900 area).
If the 8900 level will not hold up the price, next support may be found at the 8500$ level, where we see the 0.5 Fibonacci extension level and also the Kijun is aiming to that level.
A small retracement is likely to happen, to create a strong bounce on these strong support areas. Anyway, the strongest support I see now is the area between 7900 and 8100, where the old dynamic resistance level and the upper level of Kumo Cloud. Furthermore RSI is in the OVerbought area, that makes the retracement more likely to happen.
I introduced a light blue Horizontal Line: this is a strong level where the price bounced lot of times. Breaking with volumes this level may lead to a new raise, but without a reinforcing retracement I do not think this further increase in price may lead to a so-called "Bitcoin Bull Run". Breaking this line may lead the price towards 10.000$, where we will find a really strong resistance.
Let me know what you think about. Due to many indicators, would you prefer me to create video-analysis, adding in real time indicators?
Let me know your thoughts
Let's put some ideas straight on the line: the more BTC price will hold above 9200$ level, the more this level may act as a powerful support.
If Bitcoin price would break the 9200$ today, target may be the MA200 and Tenkan line (both in 8900 area).
If the 8900 level will not hold up the price, next support may be found at the 8500$ level, where we see the 0.5 Fibonacci extension level and also the Kijun is aiming to that level.
A small retracement is likely to happen, to create a strong bounce on these strong support areas. Anyway, the strongest support I see now is the area between 7900 and 8100, where the old dynamic resistance level and the upper level of Kumo Cloud. Furthermore RSI is in the OVerbought area, that makes the retracement more likely to happen.
I introduced a light blue Horizontal Line: this is a strong level where the price bounced lot of times. Breaking with volumes this level may lead to a new raise, but without a reinforcing retracement I do not think this further increase in price may lead to a so-called "Bitcoin Bull Run". Breaking this line may lead the price towards 10.000$, where we will find a really strong resistance.
Let me know what you think about. Due to many indicators, would you prefer me to create video-analysis, adding in real time indicators?
Let me know your thoughts
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