Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
________
Good day Guys! I make some updates on my Technical Analysis dated February 5, 2021 and this TA is the update.
Right now, Bitcoin is on a pullback on the weekly timeframe. It does not mean that Bitcoin is now on a bear market because it's just a pullback into important Moving Averages or Fibonacci Levels. Still, I believe a very bullish year for Bitcoin.
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Monthly
The rally started on October 2020 and most likely to end this month of April 2021. As you can see in the chart, Bitcoin made 6 bullish candles in this current rally. Most likely institutions are now taking some profits. The Price of Bitcoin is very far from EMA 9 for at least 5 months now. Most likely a pullback to EMA 9 in Monthly Timeframe is reasonable. I think, it's a good buy for long term. If you look at the RSI of Bitcoin for past 10 years, I notice something interesting. Take a look at those small yellow boxes. If RSI bounce to 70 Level, more likely in the next month to come a great price appreciation. For Stoch RSI, as long as it stay above 80 level, still looks bullish in the long term. MACD still looks good. I think these current selloff is a pullback to important levels.
s3.tradingview.com/s...shots/a/a2qmNOlD.png
Weekly
In the chart, you can see the important support levels that I mentioned in Monthly Timeframe.
s3.tradingview.com/s...shots/x/xrxkwTxd.png
The Weekly Timeframe had some sort of trend reversal for the short term.
1. Struggles to break the resistance above $ 61,700.00 for the past 6 weeks;
2. Broken the support at $ 55,160.25;
3. As of the moment trying to make a weekly closed below EMA 9;
4. RSI 70 Level is now broken;
5. Stoch RSI is extremely oversold; and
6. MACD finally has a bearish crossover to be confirm next week.
So, Most likely the price to go down. Other explanation is in the chart.
s3.tradingview.com/s...shots/y/YUWBFxps.png
Daily
I think these may take 2 weeks to 1 month to recover. Other Explanation is in the chart.
s3.tradingview.com/s...shots/e/elxOl7nK.png
s3.tradingview.com/s...shots/i/IWY17pPc.png
Four Hour to 15 Minutes
In this Separate Technical Analysis.
______
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
________
Good day Guys! I make some updates on my Technical Analysis dated February 5, 2021 and this TA is the update.
Right now, Bitcoin is on a pullback on the weekly timeframe. It does not mean that Bitcoin is now on a bear market because it's just a pullback into important Moving Averages or Fibonacci Levels. Still, I believe a very bullish year for Bitcoin.
_________
Monthly
The rally started on October 2020 and most likely to end this month of April 2021. As you can see in the chart, Bitcoin made 6 bullish candles in this current rally. Most likely institutions are now taking some profits. The Price of Bitcoin is very far from EMA 9 for at least 5 months now. Most likely a pullback to EMA 9 in Monthly Timeframe is reasonable. I think, it's a good buy for long term. If you look at the RSI of Bitcoin for past 10 years, I notice something interesting. Take a look at those small yellow boxes. If RSI bounce to 70 Level, more likely in the next month to come a great price appreciation. For Stoch RSI, as long as it stay above 80 level, still looks bullish in the long term. MACD still looks good. I think these current selloff is a pullback to important levels.
s3.tradingview.com/s...shots/a/a2qmNOlD.png
Weekly
In the chart, you can see the important support levels that I mentioned in Monthly Timeframe.
s3.tradingview.com/s...shots/x/xrxkwTxd.png
The Weekly Timeframe had some sort of trend reversal for the short term.
1. Struggles to break the resistance above $ 61,700.00 for the past 6 weeks;
2. Broken the support at $ 55,160.25;
3. As of the moment trying to make a weekly closed below EMA 9;
4. RSI 70 Level is now broken;
5. Stoch RSI is extremely oversold; and
6. MACD finally has a bearish crossover to be confirm next week.
So, Most likely the price to go down. Other explanation is in the chart.
s3.tradingview.com/s...shots/y/YUWBFxps.png
Daily
I think these may take 2 weeks to 1 month to recover. Other Explanation is in the chart.
s3.tradingview.com/s...shots/e/elxOl7nK.png
s3.tradingview.com/s...shots/i/IWY17pPc.png
Four Hour to 15 Minutes
In this Separate Technical Analysis.
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
