Hello Steemers. Hope so you are good this evening.
Today's analysis of Bitcoin is very important to predict its move for the next week.
So, lets talk about bitcoin.
Weekly Analysis:
Bitcoin's weekly analysis is giving very good results. Bullish movement might take place next week.
The reason for this is the oversold position of Bitcoin on momentum indicators.
For those who dont know about the oversold condition, it is the situation which indicates that the selling pressure might reduce now because it has already gone down a lot.
THe two of momentum Indicators that I use are the Stoch RSi and RSI, So lets talk about these two's position.
Stoch Rsi:
Oversold condition is always below 20. IN weekly timeframe stoch rsi is present below 20 which is a very good bullish sign.
So its a very good crossover happening in stoch rsi.
RSI:
The other momentum indicator I use is the Relative Strength Index or RSI. In RSI there is a line other than the oversold and overbought which is the pivot line. It is present at 50.
This level serves as a good support and resistance level. If we notice then RSI is just on the 50 pivot. Some few milimeters away from 50 so we might expect it to go down just a bit. And Bounce from there as STOCH RSI is already oversold
So thats it from the weekly analysis. Might be a good bullish movement next week.
If you have any questions, let me know in the comments section or you can connect with me on social media through the links given below.