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