Bitcoin - Near Term Price Action Forecast
Updated
At the moment BTC has risen above the 200 period moving average, and sustained a move above the R1 resistance price pivot point These are positive signs.
Volume is just OK.
RSI - Approaching overbought short term
Soch RSI - Indicates we may have room to run upwards longer term.
MACD - Warns of potentially over bought medium term
The present challenge is to close a 4 hour candle over the Fibonacci line at 8203. If this fails in the short term look for a retrace to 7829. A retrace to 7829 would be healthy in the short run for this upward move to stay intact.
Provided the above comes to pass the next upward target is 8892 - 9017
Upward Resistance / Support Levels
11600
10432
9580 - 9766
8892 - 9017
8203
Downward support / Resistance levels
7829
7670
7722
7223
6224
5131
4582
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
Volume is just OK.
RSI - Approaching overbought short term
Soch RSI - Indicates we may have room to run upwards longer term.
MACD - Warns of potentially over bought medium term
The present challenge is to close a 4 hour candle over the Fibonacci line at 8203. If this fails in the short term look for a retrace to 7829. A retrace to 7829 would be healthy in the short run for this upward move to stay intact.
Provided the above comes to pass the next upward target is 8892 - 9017
Upward Resistance / Support Levels
11600
10432
9580 - 9766
8892 - 9017
8203
Downward support / Resistance levels
7829
7670
7722
7223
6224
5131
4582
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
Note
A move is on, watch the 7829 resistance I set on the chart as a possible turnaround in price. If that fails to hold refer to the list above for other resistance points.Note
Excuse me I meant to say support where I used the word resistance in my previous comment.Note
We touched the 7829 level (actual 7925 1600 UTC) I spoke of above a few hours ago, now we wait to see it the price rises or not. I have a small trade in and am watching. A break and close below 7829 would close the trade.
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.