Hi guys!
Here are my thoughts bitcoin for today.
BTC - Daily Chart
Tools used: Fib-Channel, Trendlines, Ichimoku Cloud, Moving Average, RSI and Stoch RSI
Bear with this chart for a second. I know it's a lot of indicator which I don't normally do but this should give you a good picture on the short term.
Current Trend of Bitcoin
At the time I'm writing this post, bitcoin is breaking the resistance on the 50 day moving average. If bitcoin closes above 50 day moving average that could be considered as a bullish sign.
Now stoch RSI is telling us that currently bitcoin is overbought. This probably FOMO since bitcoin just break $11k price.
Also if you check the RSI, the overall move of bitcoin currently is to the upside which means bitcoin is slowly recovering. And if you aren't riding this trend yet, I would suggest you *wait until bitcoin break the upper resistance. Because there is chance that bitcoin might failed breaking through the upper resistance.
Next Resistance Level
As for the resistance level, bitcoin will have a lot of resistance around $12,600 (as I mentioned on the chart). This the current resistance on the bull flag.
And if you look at the ichimoku cloud, bitcoin is right bellow the thicker part of the cloud which there will be a lot of resistance around this price area.
BTC - Weekly Chart
Tools used: Trendlines and Moving Average
As you can see there bitcoin is currently finding support on the 21 week moving average. Although, you can't really take the latest candle into account as the candle just started. This could be considered a bullish sign early this week.
On the larger time frame you can see that bitcoin might have some resistance on $11,800 price since there was some price action there in the past. So, this would be an interesting price to watch this week.
Happy trading guys! Hope you make lots of money today!
Disclaimer
You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!
This post has received a 2.79% upvote from @aksdwi thanks to: @devytan.
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good thing you left the disclaimer, because I was thinking maybe I could sue you if I took this advice and it went bad ;) maybe I'll find the next TA with no disclaimer and try that out.
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Nice try, Sir! I'll make sure to double check that disclaimer from now on!
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