BitcoinLong
Bitcoin - Time for the bulls to step in
Updated
I think Bitcoin is due to go up now.
BTCUSD found support at the 200d EMA, which I traced on my chart, and has had two rejections from breaking below, both with fairly high volume. Good sign in my opinion. Not to mention that 4h bullish divergence between price and RSI. Also there is perhaps a falling wedge to watch out for.
Bitcoin has a lot of work to do if it wants to leave this range, though. Look at all that resistance up ahead! There's 9200 support-turned-resistance, the 200d MA, 9400 resistance, the 100d MA, and the downtrend line from 14k. If BTC can get past ALL of this, well, looks like bears are back on the menu.
I drew a best-case-scenario line.
BTCUSD found support at the 200d EMA, which I traced on my chart, and has had two rejections from breaking below, both with fairly high volume. Good sign in my opinion. Not to mention that 4h bullish divergence between price and RSI. Also there is perhaps a falling wedge to watch out for.
Bitcoin has a lot of work to do if it wants to leave this range, though. Look at all that resistance up ahead! There's 9200 support-turned-resistance, the 200d MA, 9400 resistance, the 100d MA, and the downtrend line from 14k. If BTC can get past ALL of this, well, looks like bears are back on the menu.
I drew a best-case-scenario line.
Note
I want to slightly adjust the lower line of the falling wedge, I drew it wrong on the main chart, it should look more like this.
Note
Also I want to point out that we have perfectly hit the 0.618 fib from the megapump a couple weeks ago. 0.618 is a pretty common retracement level so that's just one more nail in the coffin for the bears here.
Note
Ouch, yup, looks like I was wrong on this one. Bitcoin is still in the wedge, but I don't see buyers stepping in at all, so my guess is we're gonna see some more downside. We'll see though.
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