BITCOIN CONSOLIDATING & PREPARING FOR UPSIDE.BITCOIN CONSOLIDATION & PREPARATION FOR A MILD BOUNCE FROM THE ASCENDING TRENDLINE.
Bitcoin has been consolidating on the ascending trendline which had been established over the past 2 months since its price bottomed in mid-June. The move looks to have been completed & relief on CAPITALCOM:BTCUSD price seems to be in the works.
RSI
The RSI on the 1H is at 30 (barely oversold), RSI on the 4H is at about 26 at the point of writing, and on the 15M, we can see RSI at the mid-range of 50. On the macro time frames the signal would be that after the latest capitulation move CAPITALCOM:BTCUSD is ready for relief & we should be eyeing a move to the ~61.80% level to the ~38.20% Fibonacci levels.
BB%B
The BB%B indicator with a longer period of 75 shows that there has been a double bottom of price action, which is also reflected on the chart at the support levels of $20,800 where the price has already bounced twice. We can expect to see a strong expansion or oscillation of the indicator to the upside above 1.0 readings over the next 36 hours from the writing of this post.
Targets
Based on the cyclical timeframe measurement, we should be able to expect the price to hit targets of $21,550 within the next 24 hours of the time of writing.
The secondary target for the relief bounce of price would be $21,795 within 48 hours of the time of writing based on the cyclical timeframe measurements.
If you managed to fill your entries around the $28,000 levels, you could expect a 3.18% move to the upside at target 1 ($21,550) & a 4.56% move to the upside at target 2 ($21,795).
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As usual, this piece of analysis is simply my perspective & due diligence is imperative when you are entering your trades.
Leave a like or comment if this piece of analysis helped.
Good luck trading.
NOIV
