5 day BTC

2023年11月27日

None of this is financial advice. Just educational purposes. Looking here at the 5 day chart we can see some bearish divergence starting with the RSI. Since we are looking on a larger time frame we should not react right away with fear, but be cautious at these levels taking any long positions, and at the very least place your stops at appropriate support levels to protect your investments. We can see in the RSI that there is some nice support around the 65 level to the 70 on the 5 day RSI. The Gaussian channel can give us some insight by starting its bright green trajectory back in May of this year. Although we have dipped inside this area briefly in June of this year, we have proven that since we have just broken through the gaussian channel in March of 2023 we were, AND not in a serious uptrend leading into the Gaussian channel and held a very important level of 25k right at the median line within the Gaussian channel, and the broke back above the Gaussian channel in October of this year giving us a nice confirmation of a bullish stance for the short to mid term. Expect a retracement at some point within the next 6 months or so, most likely sooner. The next resistance levels are going to be coming up if BTC decides to continue up which is 40k to 48k, and I would expect there to be some very heavy resistance. RSI would also follow most likely popping above the 80 levels. If BTC decides to retrace from here then I can see us testing the 30k level and consolidating for a short period before continuing up. Most likely we will test that 80 level on the RSI in my opinion, more FOMO kicks in then we come down for a short period of a few months to 6 months near the BTC halving time in early 2024.