Bitcoin searches the bottom - how to trade
market price broke out of up trend and is searching now a bottom area for consolidation. I expect down movement to 11K area, maybe a small fakeout to 10900 $ area because there is on daily chart the 50 day moving average which is next big support and buy entry. Another support at this price area is the 38.2 fibonacci retracement line. If market price consolidate in this area we can expect another strong up wave because this indicates a strong up trend. Retracement to golden Ratio line (0,5) would indicate and usual trend, expect down movement to 9K if this happens.
-RSI is still not over selled and has more space to fall down, expect market price up movement if the RSI line reaches the green drawn support are
-Bollinger bands in down movement, wait for sideways movement before buying BTC
-100 day moving average near crossing of 200 day moving average which is bullish indicator in short term view
-RSI is still not over selled and has more space to fall down, expect market price up movement if the RSI line reaches the green drawn support are
-Bollinger bands in down movement, wait for sideways movement before buying BTC
-100 day moving average near crossing of 200 day moving average which is bullish indicator in short term view
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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