Bitcoin has returned to its range and now seems to be on the rise again. In addition, the influencers are particularly optimistic and call to the bottom.
- Support Formed
- Flipping in progress
- Bullish RSI
Bitcoin seems to be going higher after a rebound at 6000 USD.
Our analysis are entirely done on Binance charts
Several influencers have called for purchase in recent days. In particular, there is the CEO of Pantera Capital who calls for strengthening his positions. But also, one of the founders of Coinbase announcing more than 50 000 new users per day, and a growing mainstream adoption. Finally, the co-founder of Ethereum also talked about market prices in an interview for Bloomberg and announces that the correction has allowed the technology to grow and enable a growth of adoption. They seem unanimous, the market will move higher sooner or later. From the point of view of technical analysis, it seems that it is rather early on. Indeed, we have very positive signals on our indicators, in particular on the RSI and the Stoch RSI which both displays an uptrend and a considerable profit margin. In addition, a bottom is formed around 6000 USD, sellers can not break it. For now, we are still in the range between 6000 and 6600. A breakup or down will be the signal for the next major move.
How to take position?
Buyers managed to iron the $ 6,000 despite the breakout, and are now trying to iron the pivot at $ 6,600. If so, it will be necessary to iron buyers in anticipation of a return to 8000 USD. Nevertheless, as long as we stay in the range between $ 6,000 and $ 6,600, we remain exposed to a $ 5,000 correction.
Should we expect a new correction?
Buyers must stay below the 6000 USD to avoid a correction.
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Key Levels :
- Essentials resistances: 6600 – 6800
- Essentials supports: 5000 – 5800 – 6000
Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.
It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!
Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.