Bitcoin (BTCUSD) Support Found? Price Action (11-Jan)
Updated
Bitcoin had a huge drop which put us below MA200 (black line) on the 4h chart. Finding support around $3687.2 which is the same level as back in December 27 (Bitcoin found support at $3686), making this a double bottom.
On top of this signal, we also have an oversold RSI with hidden bullish divergence and several reversal candlesticks, but still to early to say as volume is lacking.
If Bitcoin can test and remain above $3665, then a bounce up is very likely. For a bounce to be confirmed, we need a high green volume breakout... Wait for signal... This is no trade advice.
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On top of this signal, we also have an oversold RSI with hidden bullish divergence and several reversal candlesticks, but still to early to say as volume is lacking.
If Bitcoin can test and remain above $3665, then a bounce up is very likely. For a bounce to be confirmed, we need a high green volume breakout... Wait for signal... This is no trade advice.
If you would like to trade please visit my profile. All of my trades contain buy in, targets, stop loss & capital allocation and more.
Remember to always hit LIKE to support more free analysis. Thanks a lot for reading.
Wishing you an amazing weekend.
Namaste.
Comment
Bitcoin (XBT) Trade on BitMEX based on the signals above: ![Bitcoin Support/Bounce [XBT][LONG][10X][77.34% ROE]](https://s3.tradingview.com/y/yC5lcc6m_mid.png)
Comment
If our support fails expect the "red" scenario: Comment
We are looking at a double bottom on the 1h TF. Hourly candle is yet to close:
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