Today is the first day of my charting series! In this series I will be working on charting out and doing technical analysis for popular cryptocurrencies daily, so I can update with my predictions and learn and practice TA as well as informing and teaching you guys a little bit everyday!
If you would like to see more of my charts and maybe some memes too you can follow me on twitter: @CryptoGumby
Now, on to the chart.
BTC 1D Chart:
If we take a look at the daily chart we can see that price action is currently bouncing on the 0.618 Fibonacci level(blue arrow).
We can also see that the past few days bitcoin has been in a downtrend. This downtrend can be shown by green trend lines on the chart.
The RSI is also currently in a downtrend at the moment.
I am personally hoping that this bounce will push price action above the downtrend line and hopefully we will start seeing some positive trends in the next few days!
To support this,
The RSI is nearing the oversold region, which could spike buying and the RSI could break out of its downtrend too which is optimal!
I hope you enjoyed my first post! Please let me know what you think about todays update in the comments below and I will see you all tomorrow!