Bitcoin Update (Fibonacci, RSI, Volume)

2022年1月15日

This technical analysis illustrates Bitcoin (1D), including;

- Fibonacci Retracement (FIB)
- Relative Strength Index (RSI)
- Moving Average Convergence Divergence (MACD)
- Chart Pattern (Falling Wedge)

FIB:

Fib 0.618 is the golden zone and I always base my trades within the rectangular box range, which is taken from wick high to wick low as a means of analytical margin for error.
Fib 0.786 (pink line) is going to be a common resistance level that the likes of day traders & especially fibonacci analysts will seek to take profit.

Falling Wedge:

Falling wedge lines (in black) are drawn from the local bottom's green wick to the next, meanwhile the corresponding line from the local tops red wick to the next. It's typical in Technical Analysis for a falling wedge to result in a breakout, which is absolutely a possibility at the time of writing this market summary.

RSI:

Relative Strength Index (RSI, purple line bottom of chart): currently this figure is 39.09. dipping below 30 indicates being oversold, this is typically where whales accumulate and reactively we tend to see an uptrend after this stage. above 70 is overbought, which is where the smartest traders take profit by selling and then look to either dollar-cost-average (DCA) back in or reinvest as close to 30 as possible.

MACD:

Volume (circled in red) is currently consolidating: if you're a bull you'd really like to see volume levels like the first 3 weeks of October (highlighted in green) as an indicator to ensure your stablecoins are deployed for an uptrend.

If you have any questions, drop a comment below and I'll get back to you asap.

Disclaimer: DYOR/NFA.

Happy trading friends!

Mikey