Hello Hive fans and LeoFinance fans!
We are back with a small analysis on #Bitcoin.
We will keep the posts short,
Feel free to comment your suggestions/improvements on our posts.
Constructive criticism will be appreciated :)
Best comment will receive an upvote from us with 100% power (yeah we know its small initially, but we will be growing)
$BTC/USD
Timeframe: 1D
Overall Bias: Bearish(or negative)
Few hours ago, Bitcoin price dumped from almost 10300 levels to as low as 9200 (8.8k -ish levels on bitmex).
We analysed the market to see a confirmed resistance on daily, and we see a rejection from the resistance as well.
Our suggestion: Keep an eye on the Weekly candle below:
If it closes anywhere below 9600, we dont think its a very good sign, especially for short-mid term.
(Long term, we are always bullish, so dont worry 😉)
Here's the weekly candle below:
If it forms a candle similar to a gravestone doji,
For educational purpose, refer this: https://www.investopedia.com/terms/g/gravestone-doji.asp
You know what to do :)
On this chart below, you can see that it can be classified as a retest of the daily resistance, and it failed to break above.
Of course it can still break above, and the bearish case will be invalidated
Also note that there was a RSI divergence, as RSI made a lower low, and price still stayed flat, and/or went above. So we dont currently see a very bullish case unless it breaks above the nearest daily resistance.
Here's another supporting article in case you want to learn more: https://www.macroption.com/rsi-divergence/
Also let us know if you want charts of your favourite altcoins, and we will cover all of them one by one :)
Up Next:
We will cover smaller timeframes as well, wheneer an opportunity comes, so dont miss out!
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Posted Using LeoFinance
Thanks a lot. This is noted!
Will definitely keep in mind on future posts :)
Posted Using LeoFinance
Nice analysis here.
Well I do feel Bitcoin will more likely continue sideways movement for sometime here.
There's chance of altcoins popping up soon, Do cover a TA on Hive as well yo.
Thanks for the kind words :)
Sure we will post about altcoins soon dont worry!
Nice analysis.
Posted Using LeoFinance
Thank you for finding this useful :)
Posted Using LeoFinance
Nice post
I want to buy bitcoin but I'm waiting that it goes down a bit to enter position.
Do you think it will be below $ 8500 soon?
I personally feel a large part of the recent Bitcoin rally has been also fueled by the stock market recovery, and the markets are still somewhat correlated.
Currently, I do feel stocks are due for a correction, and it isnt making sense that they are still rallying without any actual solid reasons, and in spite of the unrest, economic slowdown and all stuff going on. I see something which people usually chart on the market as a "divergence" so they are still due for a correction unless of course, they break above. the previous all time highs. (which will greatly invalidate the bear case.)
my personal opinion would be to buy a small amount and just wait unless it breaks above the resistance, or unless it dips a bit more. (Not any financial advice, but just a suggestion )
Things to consider:
Hope it helps!
I'll be personally waiting with some cash to buy dips. Already sold some part around 9600-9700
Thanks for the detailed explanation 👍
Sure, no problem!
Consider our articles to be more like an Analysis about the markets rather than hardcore trade setups!
We have plans to post about trade setups as well in future! :)