BTCUSDT Bullish Short Term
BTCUSDT has successfully bounced off the bottom Bollinger Band and after a short struggle, overcome the Point of Control on the Fixed Range Volume (indicator) which now acts as support along with the three uptrend lines. The uptrends with a smaller gradient are more secure and thus will be respected for longer whilst the high gradient ones will be respected for a shorter time period. Moving Average Convergence Divergence indicator (MACD) has also formed a golden cross and is now appearing bullish again. The Relative Strength Index (RSI) has been in an uptrend as well since 11th April 20:00 whilst price of BTC has been stagnant and even a little bearish therefore this conveys that although price is falling, market sentiment is risign and gaining strength. The RSI is forming a rising wedge pattern which will mostly likely break below thus illustrating the price to be underbought. The price will most likely correlate with the RSI and thus I have indicated the timeframes and the approximate price at which the price of BTC will fall (after having risen some) (blue box with text), or there can also be a divergence in the price of BTC and its RSI in which case this will be a RSI Divergence and depict a weakening in the momentum of the uptrend, however price will take some time to fall back down instead of falling rapdily like the former scenario.
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