Bitcoin - Uptrend or Downtrend?
It is Friday and again another analysis of BTCUSD.
This week has been a rough week with the first red weekly candle in a long time.
I've found the daily 30EMA has been a strong support, RSI is at a healthy 50 on the daily.
Looking at the market and trying to predict an outcome is quite difficult.
When I look at this chart I see the 30EMA as a good support, a small red bull hammer is forming on the 06/06/19 candle.
The stochastic RSI is oversold and trying to reverse for a bull run. Volume on the red candles is depleting showing a loss in momentum.
I feel the big indicator to keep an eye on is the 30EMA, if we see a significant drop below and a close to cement the bearish trend in action this would confirm a trend reversal to the bear side.
If we keep an eye on the 30EMA and see on the 70/06/2019 candle open with a bullish formation we can expect this to be the new support/bottom.
There is plenty of room for price action to move either way, so don't be fooled and keep an open opinion.
As always please like this post if you agree and comment if you have a constructive opinion.
This is in no way finicial advice and all care should be taken to carry out your own analysis and decisions before investing.
This week has been a rough week with the first red weekly candle in a long time.
I've found the daily 30EMA has been a strong support, RSI is at a healthy 50 on the daily.
Looking at the market and trying to predict an outcome is quite difficult.
When I look at this chart I see the 30EMA as a good support, a small red bull hammer is forming on the 06/06/19 candle.
The stochastic RSI is oversold and trying to reverse for a bull run. Volume on the red candles is depleting showing a loss in momentum.
I feel the big indicator to keep an eye on is the 30EMA, if we see a significant drop below and a close to cement the bearish trend in action this would confirm a trend reversal to the bear side.
If we keep an eye on the 30EMA and see on the 70/06/2019 candle open with a bullish formation we can expect this to be the new support/bottom.
There is plenty of room for price action to move either way, so don't be fooled and keep an open opinion.
As always please like this post if you agree and comment if you have a constructive opinion.
This is in no way finicial advice and all care should be taken to carry out your own analysis and decisions before investing.
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