Is it good timing to buy BTC/USDT?
I would say yes.
Recently BTC/USDT got correction caused by a lot of liquidations. (September 6 ~ 8)
After some consolidation, BTC was recovering the price but soon it started another consolidation. (September 15~17)
A lot of people at tradingview were already mentioning about the bull flag, and I agree with that idea.
Based on..
1.It is bull flag pattern("pole" : price was increasing previously / "flag" the bearish power was weak.) and the resistance is broken.
2.RSI is showing similar pattern.
3.MACD is about to make golden cross.
4.Stoch RSI is oversold, and now it is showing the change of the trend.
I would say BTC is now gaining bullish power again. Daily BTC/USDT is also looking good.
I would say yes.
Recently BTC/USDT got correction caused by a lot of liquidations. (September 6 ~ 8)
After some consolidation, BTC was recovering the price but soon it started another consolidation. (September 15~17)
A lot of people at tradingview were already mentioning about the bull flag, and I agree with that idea.
Based on..
1.It is bull flag pattern("pole" : price was increasing previously / "flag" the bearish power was weak.) and the resistance is broken.
2.RSI is showing similar pattern.
3.MACD is about to make golden cross.
4.Stoch RSI is oversold, and now it is showing the change of the trend.
I would say BTC is now gaining bullish power again. Daily BTC/USDT is also looking good.
Note
My analysis failed to predict the bearish movement.
The price touched previous channel(which was thought as flag). I think that is weak support.
For now, I'm holding the coins. However I'll watch indicators to decide what to do next.
Note
Enlarged image of the price chart.
The price is moving above the previous "flag" and it seems that the upper part(former resistance) is supporting the price.
I will sell my coins below 46700, which is yellow line(4H, EMA200)
Otherwise, I'll hold the coins.
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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.