BTC MID TERM STANDSTILL SCENARIO
BTC has been trailing up for the past week with very light volume . Bitcoin -0.14% has been respecting the local resistances and supports trailing within the upwards channel. I will break down what the bull and bear points are for BTC. BTC has been consistently bouncing within the 0. 5-0 .382 fib levels.
Note: With ETF decision coming up we could see a rally with BTC of a sharp plummet down. This analysis was strictly based on TA. My long term bearish scenario is still in play.
Bullish Points:
- BTC has been rebounding off the local supports very strongly bouncing almost instantly supports as shown.
- 20 and 40 EMAs acting as very strong support as BTC consistently rebounds off of them as well.
- RSI has been trailing side ways on longer periods slightly above the 50 point marker which indicates bullish movement as well as space to grow.
Bearish Points:
- Overall trend is still a bear flag
- Local resistance of 6600 has failed to break
- Last couple of days BTC has had lower highs
- Bearish divergence has been showing lately on candle count vs RSI
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
Note: With ETF decision coming up we could see a rally with BTC of a sharp plummet down. This analysis was strictly based on TA. My long term bearish scenario is still in play.
Bullish Points:
- BTC has been rebounding off the local supports very strongly bouncing almost instantly supports as shown.
- 20 and 40 EMAs acting as very strong support as BTC consistently rebounds off of them as well.
- RSI has been trailing side ways on longer periods slightly above the 50 point marker which indicates bullish movement as well as space to grow.
Bearish Points:
- Overall trend is still a bear flag
- Local resistance of 6600 has failed to break
- Last couple of days BTC has had lower highs
- Bearish divergence has been showing lately on candle count vs RSI
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
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