BTCUSDT Analysis for 03/08/2022 by DMFX partner of OCTAFX
With reference to the BTCUSDT Performance, I am providing the Analysis Based on SMA, Resistance, Support, and RSI
Weekly Analysis -
Bitcoin has made a decent comeback after a long/ Big fall in the Period of April to June ( 48000 USD to 20000 USD ) It started gaining momentum again / The bulls are going to take it back from last few weeks i.e. From 20000 USD to 23000 USD. Continuous 4 candles rally that is bullish.
In the last week, it has made a Spinning Top candle that gave some indecision in the market or The present ongoing trend is weakening.
We need to wait for the market to give a proper trend that can be Bullish or Bearish.
Daily Analysis:
Looks very bullish as the past 5 candles look promising that bulls are not going to book profit. they want to push the market to further figures
but is in the Consolidation phase between two channels / Parallel channels it has to come out for confirmation of direction.
stay tuned for more analysis like share and Comment
Weekly Analysis -
Bitcoin has made a decent comeback after a long/ Big fall in the Period of April to June ( 48000 USD to 20000 USD ) It started gaining momentum again / The bulls are going to take it back from last few weeks i.e. From 20000 USD to 23000 USD. Continuous 4 candles rally that is bullish.
In the last week, it has made a Spinning Top candle that gave some indecision in the market or The present ongoing trend is weakening.
We need to wait for the market to give a proper trend that can be Bullish or Bearish.
Daily Analysis:
Looks very bullish as the past 5 candles look promising that bulls are not going to book profit. they want to push the market to further figures
but is in the Consolidation phase between two channels / Parallel channels it has to come out for confirmation of direction.
stay tuned for more analysis like share and Comment