Posts

Bitcoin Technical Support/Resistance Zones we are watching

0 views
Β·
2 min read

Hello Hive fans and LeoFinance fans!

We are back with a small analysis on #bitcoin.
We will keep the posts short,

Feel free to comment your suggestions/improvements on our posts. Constructive criticism will be appreciated :) Best comment will receive an upvote from us with 100% power (yeah we know its small initially, but we will be growing)

$BTC/USD

Timeframe: 1D Overall Bias: Bearish(or negative)

Few hours ago, Bitcoin price dumped from almost 10300 levels to as low as 9200 (8.8k -ish levels on bitmex).

We analysed the market to see a confirmed resistance on daily, and we see a rejection from the resistance as well.

Our suggestion: Keep an eye on the Weekly candle below: If it closes anywhere below 9600, we dont think its a very good sign, especially for short-mid term.

(Long term, we are always bullish, so dont worry πŸ˜‰)

Here's the weekly candle below:

If it forms a candle similar to a gravestone doji,

For educational purpose, refer this: https://www.investopedia.com/terms/g/gravestone-doji.asp

You know what to do :)

On this chart below, you can see that it can be classified as a retest of the daily resistance, and it failed to break above.

Of course it can still break above, and the bearish case will be invalidated

Also note that there was a RSI divergence, as RSI made a lower low, and price still stayed flat, and/or went above. So we dont currently see a very bullish case unless it breaks above the nearest daily resistance.

Here's another supporting article in case you want to learn more: https://www.macroption.com/rsi-divergence/

Also let us know if you want charts of your favourite altcoins, and we will cover all of them one by one :)

Up Next: We will cover smaller timeframes as well, wheneer an opportunity comes, so dont miss out!

Show some love to motivate us if you liked the content :)

We are on twitter as well: https://www.twitter.com/beehivetrader