hey guys welcome for a short update on bitcoin
now precisely in my last update what ive said that we're likely going down and my personal gut feeling is that we could go in 6xxx zone and clearly we drop more than 1000$ after my last update.
hope you guys made some really good profits with it, here's my last update if you've not checked it yet.
although ive not expected this drop that quickly, but here we are.
now talking about the curent situation so as you see in top chart is that RSI making a higher high pattern with prices forming a lower lows, indicates for a positive divergence
the green zone between 6600-6500 is major support zone for bulls, any break below this can take prices towards 6k or lower
now for coming days prices can move in that white line formation testing multiple resistance showed with different colours, a expecting a pullback to 7800 level from here, but first bitcoin needs to satbilise.
lets look at some other facts
my custom rsi in 1h chart
we get a flat formation in 4h chart shows that prices start to gain momentum
however daily chart shows that still we're going in lower support zones so basically bit contradictory with smaller charts
a very clear perspective from this weekly chart you see that after making high the first level of support was fib236 around 9750, second support was fib382 around 7800, that also holded very well and now the next level of support is fib5 aroud 6500 which is also holding the prices very well
the channel formation which is coming from top and which we've seen tonnes of times is still valid and acting as support and resistance, the breakout we get from 7200-10300 was clearly a fake breakoutand we're again in a downtrend
clearly we've now broken both of the major weekly moving averages (21 & 55) and made a weekly close below this levels, so now the next major support level could be 200 WMA which is around 5000-5500, but i think this won't be too quickly, from here we could see a pullback towards 55 WEMA
alright guys that's all for now, do hit like and follow us so that we keep bringing awesome new trading ideas for you so you guys keep cashing out with profits
like we already making with our premium family members;)
this is husain zabir signing out
thankyou...
now precisely in my last update what ive said that we're likely going down and my personal gut feeling is that we could go in 6xxx zone and clearly we drop more than 1000$ after my last update.
hope you guys made some really good profits with it, here's my last update if you've not checked it yet.
although ive not expected this drop that quickly, but here we are.
now talking about the curent situation so as you see in top chart is that RSI making a higher high pattern with prices forming a lower lows, indicates for a positive divergence
the green zone between 6600-6500 is major support zone for bulls, any break below this can take prices towards 6k or lower
now for coming days prices can move in that white line formation testing multiple resistance showed with different colours, a expecting a pullback to 7800 level from here, but first bitcoin needs to satbilise.
lets look at some other facts
my custom rsi in 1h chart
we get a flat formation in 4h chart shows that prices start to gain momentum
however daily chart shows that still we're going in lower support zones so basically bit contradictory with smaller charts
a very clear perspective from this weekly chart you see that after making high the first level of support was fib236 around 9750, second support was fib382 around 7800, that also holded very well and now the next level of support is fib5 aroud 6500 which is also holding the prices very well
the channel formation which is coming from top and which we've seen tonnes of times is still valid and acting as support and resistance, the breakout we get from 7200-10300 was clearly a fake breakoutand we're again in a downtrend
clearly we've now broken both of the major weekly moving averages (21 & 55) and made a weekly close below this levels, so now the next major support level could be 200 WMA which is around 5000-5500, but i think this won't be too quickly, from here we could see a pullback towards 55 WEMA
alright guys that's all for now, do hit like and follow us so that we keep bringing awesome new trading ideas for you so you guys keep cashing out with profits
like we already making with our premium family members;)
this is husain zabir signing out
thankyou...
Trade active
after making a successful pump from the green zone bitcoin prices struggling in the pink zone, here prices needs to enter a small consolidation phase and bulls and bears both will try to take control here, a small dump could come here but dont expect much deeper levels
Trade active
Just posted a fresh update on Bitcoin, hope this update helped you make some really good profits, check out the latest update for all the insides
Note
hope you guys made some cool profits with this idea, you still hungry than have a look at my latest update, here it is...
enjoy and do like and share with ur loved one's;)
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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.