Bitcoin in a bull market?
Hello everyone,
Bitcoin has seen a good surge over the past months. Going from a low of 3215 to a high of 5690. This 78% rise in bitcoin's price has made a lot of people in the market very bullish... when I open my youtube now, all I see is thumbnails that say that bitcoin's going to + 300.000. With all this optimism in the market I think it's good to also take a look at the negative side, soooo here we go!
Bitcoin is facing two important resistance points at this price level. One in the actual price and one in the RSI. Bitcoin is right now finding resistance exactly at the 50-week moving average. this Is the moving average that pushed bitcoin down after a rally of 82 percent on the 6th of July 2015.
bitcoin is also facing a resistance level in its RSI. On the weekly the RSI is around 60 which Is exactly the value it had back on the 6th of July. This resistance at 60 turned into support after bitcoin broke above it on the 19th of October 2019. So now that the RSI is below it again, I expect it to hold.
It has become pretty clear by now that I'm expecting the price of bitcoin to go lower. So... what's the aim?
I think the price should at least retest the previous resistance at 4200 which would most likely act as support right now. On the way down there bitcoin will most likely find some support at the 200 day MA.
it is of course also possible for bitcoin to rise a bit higher to the 6000 level and getting rejected from there, but as it looks right now I find that a bit less likely.
I wish you all the best of luck,
PGrijpink
Bitcoin has seen a good surge over the past months. Going from a low of 3215 to a high of 5690. This 78% rise in bitcoin's price has made a lot of people in the market very bullish... when I open my youtube now, all I see is thumbnails that say that bitcoin's going to + 300.000. With all this optimism in the market I think it's good to also take a look at the negative side, soooo here we go!
Bitcoin is facing two important resistance points at this price level. One in the actual price and one in the RSI. Bitcoin is right now finding resistance exactly at the 50-week moving average. this Is the moving average that pushed bitcoin down after a rally of 82 percent on the 6th of July 2015.
bitcoin is also facing a resistance level in its RSI. On the weekly the RSI is around 60 which Is exactly the value it had back on the 6th of July. This resistance at 60 turned into support after bitcoin broke above it on the 19th of October 2019. So now that the RSI is below it again, I expect it to hold.
It has become pretty clear by now that I'm expecting the price of bitcoin to go lower. So... what's the aim?
I think the price should at least retest the previous resistance at 4200 which would most likely act as support right now. On the way down there bitcoin will most likely find some support at the 200 day MA.
it is of course also possible for bitcoin to rise a bit higher to the 6000 level and getting rejected from there, but as it looks right now I find that a bit less likely.
I wish you all the best of luck,
PGrijpink
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