Hello friends. On the hourly chart we can see that Bitcoin is in a symmetrical triangle pattern (with a possible triple bottom formation- depends if is going to break upward, that is valid, if not it should not be taken into consideration). Under it we have strong support, the white trend line which is for the daily chart. What concerns me the most is that on the daily chart RSI didn't touch the oversold zone of 30 yet.
Average directional index shows us that even if we are at a support zone bears were more in control than bulls because when price went up yesterday, actually the power of the trend was dropping and when the price went down we can see an increase in momentum.
Right now nobody can tell you where the price will go because symmetrical triangles are a neutral pattern. Best thing to do is to wait until it breakes it and go in the direction of the trend, but attention: a candlestick formation is needed on higher time frames to confirm going long or short (for longer trading time-frames).
Average directional index shows us that even if we are at a support zone bears were more in control than bulls because when price went up yesterday, actually the power of the trend was dropping and when the price went down we can see an increase in momentum.
Right now nobody can tell you where the price will go because symmetrical triangles are a neutral pattern. Best thing to do is to wait until it breakes it and go in the direction of the trend, but attention: a candlestick formation is needed on higher time frames to confirm going long or short (for longer trading time-frames).