Bitcoin Weekly Analysis (20.04.21)
Bitcoin price will still be ranging between Fib Pivot and $54,500 (or $53,500) where the support has been strong these few days.
If we look at indicators like MACD and RSI, the trend should be up. However, the pivot area is where the EMA ribbon and MA 200 is currently located in the 4H TF (in the 1D TF, the candle is already in the ribbon), so we can expect a lot of resistance here.
If the action is strong enough to go higher, we can expect further resistance at the Fib channel level 0% (where the small arrow is), which is also where the HMA 200 currently is. If it can break through these resistance, I don't think that the R1 level in chart would hold. More possible would be that the price goes further up towards the R2 and by doing so achieving a new ATH.
But I suspect that the action isn't strong yet as we haven't seen any big volume in the last few candles. So I think, it will most likely bounce back to $54,500 or $53,500 or even the S1 level at around $52,500. If the bearish force is strong and supported by enough volume, we might see another push towards $50,000 or lower (the S2 level), which would also be around the 61.8% of the Fib channel.
Quite critical would be the area of $47,500. If the price goes below this level, it would most likely trying to test the $42,500 level which is also the S3 in chart. If this last support couldn't hold, then the price might dive down.
However, I still think the area around $50,000 would be "low enough" for a price correction, and it would be quite an ideal range to buy the dips for most traders.
So personally, I think the price would go down again before it finally goes up to reach a new ATH.
Remember, this is the crypto market, and anything can happen. This is not a financial advice, but just my own analysis/thought.
** If you agree and enjoy this idea, please like and/or comment.
** If you think I make an analysis error, please also share your thought so I can learn from my mistakes. Thanks!
** I would strongly recommend you to follow SvarogPerun's ideas here on TradingView and join his group where you can learn a lot of stuffs (education, technical analysis, signals, tips etc.). Please message me to get an invitation to this group.
If we look at indicators like MACD and RSI, the trend should be up. However, the pivot area is where the EMA ribbon and MA 200 is currently located in the 4H TF (in the 1D TF, the candle is already in the ribbon), so we can expect a lot of resistance here.
If the action is strong enough to go higher, we can expect further resistance at the Fib channel level 0% (where the small arrow is), which is also where the HMA 200 currently is. If it can break through these resistance, I don't think that the R1 level in chart would hold. More possible would be that the price goes further up towards the R2 and by doing so achieving a new ATH.
But I suspect that the action isn't strong yet as we haven't seen any big volume in the last few candles. So I think, it will most likely bounce back to $54,500 or $53,500 or even the S1 level at around $52,500. If the bearish force is strong and supported by enough volume, we might see another push towards $50,000 or lower (the S2 level), which would also be around the 61.8% of the Fib channel.
Quite critical would be the area of $47,500. If the price goes below this level, it would most likely trying to test the $42,500 level which is also the S3 in chart. If this last support couldn't hold, then the price might dive down.
However, I still think the area around $50,000 would be "low enough" for a price correction, and it would be quite an ideal range to buy the dips for most traders.
So personally, I think the price would go down again before it finally goes up to reach a new ATH.
Remember, this is the crypto market, and anything can happen. This is not a financial advice, but just my own analysis/thought.
** If you agree and enjoy this idea, please like and/or comment.
** If you think I make an analysis error, please also share your thought so I can learn from my mistakes. Thanks!
** I would strongly recommend you to follow SvarogPerun's ideas here on TradingView and join his group where you can learn a lot of stuffs (education, technical analysis, signals, tips etc.). Please message me to get an invitation to this group.
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