I created this account one year ago but this is my first post. I will bring you actionable trading insights and market moving info. If you have a particular market you would like me to do a breakdown on (leave a comment) and I will try to get to all of them. Now let's take a look at bitcoin and see where it might be headed.
Notice on the daily chart how the price penetrate the lower band while at the same time Stochastic & RSI are oversold.
Also notice that Stochastic is diverging while oversold (very important) point.
Now let's take a look at the weekly chart
Stochastic is well oversold but RSI is (not) and unlike the daily chart the price has not touched the lower band.
For a powerful sustained move up the trader would like to see both RSI and Stochastic oversold with the price penetrating the lower band. Therefore the middle of the weekly band (8000 area) could act as major resistance.
Trader's View: I expect the bitcoin price to rally up and test the 8000 level
Hit the follow button I will be calling live margin trades for quick profits.
Let's Have Some Fun!