Two variants for a possible bottoming process of Bitcoin. Based on the volume profile, the price action and the RSI indicator on a weekly basis compared to 2014/2015. Due to old support / resistance zones as well as the projection of the descending triangle certain price levels can be identified. The sentiment is generally too bullish.
This analysis is invalid as soon as we break the 5.8k-6k range with high volume
This analysis is invalid as soon as we break the 5.8k-6k range with high volume
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Shrot Update 2019-03-19
Let's have a look at some indicators in longtermview.
weekly RSI is at a strong resistance zone at 41
weekly MA20 is acting as strong resistance at about 3980. weekly MA20 was acting as strong resistance throughout the whole bearmarket.
weekly stoch is at it's highest point since 2017-12. a cross and downturn is looming.
so in my opinion we are due for a pullback. we are at a critical point. if the 200weekly MA doesn't act as support, we have free fall territory till 2500-1800. potentially 1300.
and last but not leasts, the fear and greed index is showing some greed in the market. shorts are still low as the longs are.
Let's have a look at some indicators in longtermview.
weekly RSI is at a strong resistance zone at 41
weekly MA20 is acting as strong resistance at about 3980. weekly MA20 was acting as strong resistance throughout the whole bearmarket.
weekly stoch is at it's highest point since 2017-12. a cross and downturn is looming.
so in my opinion we are due for a pullback. we are at a critical point. if the 200weekly MA doesn't act as support, we have free fall territory till 2500-1800. potentially 1300.
and last but not leasts, the fear and greed index is showing some greed in the market. shorts are still low as the longs are.
