STARTING RANGE
Updated
The last two movements of Bitcoin suppose the start of a range. Apparently we can not know yet if it is an accumulation or distribution range. We should wait for the spring to confirm our long positions.
In addition, we have to note the breakdown of the uptrend of the RSI. We can expect a slight breakout of the uptrend channel in reaction to the overbought market. The overbought of the bitcoin before the event of the halving as well as its great bullish rally, means that many traders are making profit in these prices. The price will settle for a time at these price levels, marking a clear range. We must wait calmly for the purchase opportunity to be given.
In addition, we have to note the breakdown of the uptrend of the RSI. We can expect a slight breakout of the uptrend channel in reaction to the overbought market. The overbought of the bitcoin before the event of the halving as well as its great bullish rally, means that many traders are making profit in these prices. The price will settle for a time at these price levels, marking a clear range. We must wait calmly for the purchase opportunity to be given.
Comment
Comment
On weekly timeframe, the main resistance is the 10000dollars level. RSI is breaking know the downtrends. That's is potentially bullish.Comment
breaking now** downtrend*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.