DISCLAIMER: It is understood that all the suggested input of Maxime Desalle regarding this chart analysis are only recommendations / support from a business perspective and do not constitute in any way legal terms. To that extent you retain sole responsibility should you make use of such recommendations.
Good afternoon dear traders,
I hope you made a lot of profit during this green day because it won't last!
Current support is located at 6900 $. Bitcoin is currently touching/breaking the 7000 $ resistance. The MACD is looking good, but could be better. Why? Because it seems like the MACD volume is following an M-pattern. That's not good news because it means that we can see a possible drop. The RSI is above the highest line, the overbought line. That's again not good news because it means that we will see a pull back in the future. Like you can see, Bitcoin is currently touching the highest Bollinger Band, that's again not good news. There are two different possible situations: 1. Bitcoin is in a descendent triangle pattern, in that case the support is located at 6800 $ and the resistance at 7000 $. 2. Bitcoin is in an uptrend, like I indicated in red. Then the support is located at 6850 $ and the resistance at 7150 $.
Like the past few days, I will not predict something right now because it's not clear witch situation is the good one and the market doesn't care enough of supports, resistances and technical analysis is general.
Thank you for your support,
Maxime Desalle
Good afternoon dear traders,
I hope you made a lot of profit during this green day because it won't last!
Current support is located at 6900 $. Bitcoin is currently touching/breaking the 7000 $ resistance. The MACD is looking good, but could be better. Why? Because it seems like the MACD volume is following an M-pattern. That's not good news because it means that we can see a possible drop. The RSI is above the highest line, the overbought line. That's again not good news because it means that we will see a pull back in the future. Like you can see, Bitcoin is currently touching the highest Bollinger Band, that's again not good news. There are two different possible situations: 1. Bitcoin is in a descendent triangle pattern, in that case the support is located at 6800 $ and the resistance at 7000 $. 2. Bitcoin is in an uptrend, like I indicated in red. Then the support is located at 6850 $ and the resistance at 7150 $.
Like the past few days, I will not predict something right now because it's not clear witch situation is the good one and the market doesn't care enough of supports, resistances and technical analysis is general.
Thank you for your support,
Maxime Desalle
