Bitcoin (BTC), emerged from the previous month, below the threshold of us $10,000. Among them we have remained the same, we will be present at the time of this writing, around a price of $8,000.
We will take a closer look at the results. What are the possible scenarios?
Contents
Bitcoin weekly chart
On the weekly chart, we can see that we have the orderblock have to be looked for. We’re on to the smaller timeframe for a STV (short timeframe) support to know it.
In this show we will be setting up on the 4-uursgrafiek. Currently, let’s weekgrafiek an indecision candle is a falling wedge is formed.
The EMA 55 is working currently as a support and has a confluence with the monthly EMA 21. However, similar to the 8 and 21 EMA’s the other bearish to want to cross it. As long as it is above the the EMA 55 is done and they are above it, is in my eyes not a big problem.
Bitcoin chart
Looking at the chart, we can see that we can do throughout the week, all of the consolidation in the gray area of the orderblock. The 8 and 21 EMA are below the EMA 55, and there’s quite a bit of distance between the EMA lines.
This indicates that there is a downtrend that is pretty strong. We will see, the RSI and StochRSI are both in the region and oversold, and there is a possibility that today there is a bull divergence on the RSI forms. This would provide an impetus in the direction of $9,000 each, may be the cause to it against the upper trend line, to collide with one another.
Bitcoin is the 4-uursgrafiek
The 4-uursgrafiek doesn’t get any better. Well, here we are in a downtrend and looking forward to the EMA, this downtrend is not over yet.
We should be able to say that we are in a descending channel and sit there. The bottom trend line corresponds with the bottom trend line of the falling wedge, the two patterns will give you more of a chance to have a breakout to the top than to the bottom. But, for the moment, the moving averages will be respected.
What does bitcoin have to do?
I see the look on the red part of the orderblock is still considered the best of the opportunity. Unless it’s a bull divergence will form during the night at 02:00 pm, when the energy of today’s close.
If that scenario takes place, we can have a revival, to a total of $9,000 each to expect. There, I would have expected then to be a rejection, so we go back in the fall. We continue to be on top of this? The next major resistance there is to the psychological threshold of $10,000.
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