Two weeks ago I made an analysis where I discussed a potential short-term bearish view on Bitcoin's price, see below. I argued that if I were a bull, I'd wait for either a new all-time high break out or a sizeable correction before stepping in the market again.
As seen on the chart, my purple support line is holding (for now!). A reversal from this area would make it a perfect inverse head & shoulders pattern, which is a bullish reversal pattern.
To strengthen my short-term bullish view, Bitcoin's daily RSI has hit oversold for the first time since August 2023, 10 months ago!
Patient bulls have been waiting for a long time for the RSI to hit oversold again on the daily.
Whether it will be enough remains to be seen. However, I can clearly see that there's a great bullish short-term opportunity here. See signal on the chart. Be aware, it's a risky trade.
As seen on the chart, my purple support line is holding (for now!). A reversal from this area would make it a perfect inverse head & shoulders pattern, which is a bullish reversal pattern.
To strengthen my short-term bullish view, Bitcoin's daily RSI has hit oversold for the first time since August 2023, 10 months ago!
Patient bulls have been waiting for a long time for the RSI to hit oversold again on the daily.
Whether it will be enough remains to be seen. However, I can clearly see that there's a great bullish short-term opportunity here. See signal on the chart. Be aware, it's a risky trade.
Note
Going down hard. If SL is taken out we can dump to 57k before any meaningful reversal.Note
SL hit. Next support around 57k
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
Related publications
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.