Bitcoin - bull/bear scenarios updated
Hi guys
Btc is currently sitting around the 7700 mark as I am typing this. Howvever with the STOCH RSI oversold on ALL charts I am expecting a small retrace down towards 7k. This would touch the symmetrial triangle support everyone is banging on about.
The current price is being held up on the daily by the Tenkan-sen (blue line) with the Kijun-sen (Red line) and the green cloud acting as resistance. Until we see a cross over of the tenkan and kijun (this would signal a bull run) I am extremely neutral at the moment. For this bull run to take place we are looking at a daily close over 8k.
Volume is declining the further we go into this triangle. A bullbreakout for me would open the doors for 11-15k and a bear downtrend would open the doors for retracement to 6-5k range.
Leave a comment guys if you think this helped you
Btc is currently sitting around the 7700 mark as I am typing this. Howvever with the STOCH RSI oversold on ALL charts I am expecting a small retrace down towards 7k. This would touch the symmetrial triangle support everyone is banging on about.
The current price is being held up on the daily by the Tenkan-sen (blue line) with the Kijun-sen (Red line) and the green cloud acting as resistance. Until we see a cross over of the tenkan and kijun (this would signal a bull run) I am extremely neutral at the moment. For this bull run to take place we are looking at a daily close over 8k.
Volume is declining the further we go into this triangle. A bullbreakout for me would open the doors for 11-15k and a bear downtrend would open the doors for retracement to 6-5k range.
Leave a comment guys if you think this helped you
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