Bitcoin uptrend confirmed!
Hello and welcome,
In this long-term analysis of the bitcoin daily chart I'll explain why bitcoin may well break up to test $14000 in the coming weeks. I'll also use the RSI to help us identify potential entry points.
Bitcoin uptrend confirmed you say? That's correct, in my previous post on August 15, I outlined the three options I saw for BTC going forward:
1. Descending triangle (unconfirmed)
2. Descending channel (unconfirmed)
3. Uptrend support (CONFIRMED)
The red trend line has been waiting for a touch since April. On August 29, touch it did. This touch held as support, it also coincided with the confirmation of Bitcoin's current chart pattern, a horizontal wedge (yellow trend lines), defined as higher lows and lower highs. After finding this support the bulls in the market noticed the entry point and snapped it up, this launched the price back to the orange support line, created during the choppy price action of the previous weeks. This follow-through from the bulls put the price back into a healthy consolidation/accumulation range (between 40 and 54) on the RSI. With 54 being tested at the very moment. If the orange support holds we should see the prediction of this chart play out. I'll be watching for rejection from the red arrow and a bounce/possible entry point on the green arrow as the price finds the red uptrend line once again, or the daily RSI bounces up in the 40-54 RSI zone.
RSI Levels
A quick break down of the daily RSI levels:
Above 80 - FOMO
Between 54 and 80 - Bull market
Between 40 and 54 - Consolidation/Accumulation
Below 40 - Bear market
Thanks for reading, please like if you agree, comment if you don't and follow me if you'd like me to follow you as well!
In this long-term analysis of the bitcoin daily chart I'll explain why bitcoin may well break up to test $14000 in the coming weeks. I'll also use the RSI to help us identify potential entry points.
Bitcoin uptrend confirmed you say? That's correct, in my previous post on August 15, I outlined the three options I saw for BTC going forward:
1. Descending triangle (unconfirmed)
2. Descending channel (unconfirmed)
3. Uptrend support (CONFIRMED)
The red trend line has been waiting for a touch since April. On August 29, touch it did. This touch held as support, it also coincided with the confirmation of Bitcoin's current chart pattern, a horizontal wedge (yellow trend lines), defined as higher lows and lower highs. After finding this support the bulls in the market noticed the entry point and snapped it up, this launched the price back to the orange support line, created during the choppy price action of the previous weeks. This follow-through from the bulls put the price back into a healthy consolidation/accumulation range (between 40 and 54) on the RSI. With 54 being tested at the very moment. If the orange support holds we should see the prediction of this chart play out. I'll be watching for rejection from the red arrow and a bounce/possible entry point on the green arrow as the price finds the red uptrend line once again, or the daily RSI bounces up in the 40-54 RSI zone.
RSI Levels
A quick break down of the daily RSI levels:
Above 80 - FOMO
Between 54 and 80 - Bull market
Between 40 and 54 - Consolidation/Accumulation
Below 40 - Bear market
Thanks for reading, please like if you agree, comment if you don't and follow me if you'd like me to follow you as well!
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