BTCUSD1. Bitcoin has been hovering in this range for past ten days
2. Looks like an ascending triangle is forming
3. The vertical orange lines showing that only the RSI has increased in the past 10 days but in comparison to that Bitcoin price hasn't increased much
4. Every time BTC tried to move upward, it has found strong resistance at $6600 level
5. The lower yellow trend line has acted as a support several times. What if this support is broken?
6. If the current price action of the bitcoin is only an RSI cool off, so that Bitcoin can further move downwards, then we may see bitcoin in $5600 - $5400 range.
7. A violent move is coming. Make your strategy and be prepared to catch the move
"The chart speaks louder than words"
Daily bitcoin technical analysis with fewer words and more information so that you can have maximum information just with a glance without wasting any time.
Disclaimer:
This is purely a technical analysis and it is to be used for educational, entertainment purposes only. This is not a financial advise to buy or sell Bitcoin -0.72% and I am not a financial advisor. Do your own research before investing.
Note
Quick scalp Note
Making higher lows and lower highs. Triangular pattern formationNote
Also, consider the bearish scenario, 1. RSI is in the over bought region.
2. Bearish cross over in the Stochastic RSI indicator.
3. Already touched the upeer trend line of the channel Bitcoin has been following from past two weeks.
4. If Bitcoin respected this upper trend line, it may head to test once again the lower trend line of the channel
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.