Hello fellow Steemians!
This is my update on Bitcoin and my observation about the pattern it formed:
It seems like Bitcoin didn't want to sink this time. It is holding strong at the trend line around 7000$. On the one day BTC/USD chart It reached the lower band of the RSI level but didn't have the chance to go in the oversold area because it was bought right back up. So all this time since December Bitcoin was not really oversold at all!
The MACD indicator shows at the moment a sideways movement. We are waiting for the MACD (blue) to cross over the signal line (orange).
right click & open the image in a new tab for better quality
I find it very interesting how Bitcoin copied the "camel" chart (13th November to 5th February) and pasted it again (starting with 6th Feb. until now). The first movement (marked with letters) lasted almost 3 full months and has the second peak (C) at a lower level than the first one (A).
The second movement, the smaller duplicate, (numbers) lasted almost 2 full months, having the second peak (3) at a higher level than the first one (1), so basically a higher high. Both of the movements started and ended at the 7000$ level.
According to this "camel" patterns, we should now see a bull run to the 9000$ area.
right click & open the image in a new tab for better quality
By the way, guys, this is not financial advice. Make sure you do your own research and take your own decisions!
it really makes a difference!
★ Follow me on: @aezakmi for other useful posts.
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