Hello my friends!! Thank you for visiting another small update on BTC!
As you can see on the 45 minutes chart, BTC again broke out of another converging triangle (this can also be seen as a bull flag). You can see that a new support has been formed at around 8300, this was a resistance first but BTC smashed through it. We now need to be patient and look what BTC will do now. Will it create another bull flag? I think it will, but we need to be cautious in the crypto world. There are a few indicaters which tell us the bears are still here.
First of all the RSI level reached 75, this means that BTC is overbought and a correction is very likely. However, BTC can stay at this height while the RSI goes to normal. This is mostly because there is a good support at around 8300.
Next we have the MACD, you can see that the MACD is falling below the signal line but is still going up. The fact that the MACD line (orange) is going up, means that we are in an uptrend. You can also see that the MACD crossed the signal line before it flew to 8300 dollars, that was a buy signal (for educational purpose). For now, we should wait and look at what BTC is forming. The RSI and the MACD are telling us that a correction is very likely.
Thanks for reading this small update! I really can feel the warmth of the community and I look forward to post a lot more updates and analyses!
Greetings, Krypton!!
As you can see on the 45 minutes chart, BTC again broke out of another converging triangle (this can also be seen as a bull flag). You can see that a new support has been formed at around 8300, this was a resistance first but BTC smashed through it. We now need to be patient and look what BTC will do now. Will it create another bull flag? I think it will, but we need to be cautious in the crypto world. There are a few indicaters which tell us the bears are still here.
First of all the RSI level reached 75, this means that BTC is overbought and a correction is very likely. However, BTC can stay at this height while the RSI goes to normal. This is mostly because there is a good support at around 8300.
Next we have the MACD, you can see that the MACD is falling below the signal line but is still going up. The fact that the MACD line (orange) is going up, means that we are in an uptrend. You can also see that the MACD crossed the signal line before it flew to 8300 dollars, that was a buy signal (for educational purpose). For now, we should wait and look at what BTC is forming. The RSI and the MACD are telling us that a correction is very likely.
Thanks for reading this small update! I really can feel the warmth of the community and I look forward to post a lot more updates and analyses!
Greetings, Krypton!!