BITCOIN is about to BOOM! Tap to check my analysis!
Hello traders,
Welcome to my page.
Here is a quick analysis of Bitcoin where I will be sharing why Bitcoin is about to boom!
On a daily time frame, I have observed a couple of indications for the same-
a) After falling 55% from its recent high, we can see a clear base formation (accumulation) happening in it. We can further check this through the volume profile. Hence, we have a confirmation here.
b) When we analyse the Relative Strength Index (RSI) (It is a momentum indicator), we also see that the price is making a lower low, while RSI is making a higher low; which suggests that the price is falling but with a low momentum.
c) Finally, after the huge fall, bitcoin has managed to cross its 50 EMA and also gave a retest.
Considering all the above observations, I have come to a conclusion that BITCOIN is looking good to go LONG.
1st Target: 60100 (Partial profit booking)
Stop loss: 36650
Although, I will be trailing my position and if the market supports, then we will be seeing a new high i.e. Bitcoin moving above 65000 mark!
If you gained some knowledge from my analysis, then please like my post.
Also, if you have any query, then please drop a comment, I will be more than happy to respond.
Regards,
Keshaw H. Agarwalla
Welcome to my page.
Here is a quick analysis of Bitcoin where I will be sharing why Bitcoin is about to boom!
On a daily time frame, I have observed a couple of indications for the same-
a) After falling 55% from its recent high, we can see a clear base formation (accumulation) happening in it. We can further check this through the volume profile. Hence, we have a confirmation here.
b) When we analyse the Relative Strength Index (RSI) (It is a momentum indicator), we also see that the price is making a lower low, while RSI is making a higher low; which suggests that the price is falling but with a low momentum.
c) Finally, after the huge fall, bitcoin has managed to cross its 50 EMA and also gave a retest.
Considering all the above observations, I have come to a conclusion that BITCOIN is looking good to go LONG.
1st Target: 60100 (Partial profit booking)
Stop loss: 36650
Although, I will be trailing my position and if the market supports, then we will be seeing a new high i.e. Bitcoin moving above 65000 mark!
If you gained some knowledge from my analysis, then please like my post.
Also, if you have any query, then please drop a comment, I will be more than happy to respond.
Regards,
Keshaw H. Agarwalla