BTCUSD - a good buy already or more red is coming ?
Hi all,
Bitcoin made three unsuccessful attempts to regain positions above the first diagonal resistance on its way to $10,000.
As commented on my quick update yesterday (here:
)
,bitcoin was forming a bear flag on the 4-h chart and even though it managed to stay above the already-mentioned downtrend line, this was more of a fake recovery that resulted in a drop to the next support zone around $8,600 - $8,700.
Still, on the 4-h timeframe, the uptrend was broken, and that's a fact. Here two quick captures of what is happening:
On the other hand, looking at the 1-day chart, the general uptrend is still alive and well and now in full synch with the horizontal support, which is by the way acting pretty solid today. The current zone, in my opinion, looks like a good buy, but this is just my take on the situation, I'm not saying it will turn that way. We just sharing ideas right? :)
P.S. The RSI also looks quite exhausted now and close to the oversold zone.
Cheers,
Bitcoin made three unsuccessful attempts to regain positions above the first diagonal resistance on its way to $10,000.
As commented on my quick update yesterday (here:
,bitcoin was forming a bear flag on the 4-h chart and even though it managed to stay above the already-mentioned downtrend line, this was more of a fake recovery that resulted in a drop to the next support zone around $8,600 - $8,700.
Still, on the 4-h timeframe, the uptrend was broken, and that's a fact. Here two quick captures of what is happening:
On the other hand, looking at the 1-day chart, the general uptrend is still alive and well and now in full synch with the horizontal support, which is by the way acting pretty solid today. The current zone, in my opinion, looks like a good buy, but this is just my take on the situation, I'm not saying it will turn that way. We just sharing ideas right? :)
P.S. The RSI also looks quite exhausted now and close to the oversold zone.
Cheers,
