Recently, the picture for Bitcoin turned positive. Technical factors turned bullish across multiple time frames and the price of BTC started to rise. However, soon after that, BTCUSD found strong resistance at 45 850 USD. In our opinion, if BTC will manage to break above this resistance then it is going to bolster the bullish case. However, the inability to break through this area would suggest that BTCUSD is getting stuck within the neutral zone for a little longer.
Illustration 1.01 The chart above shows the neutral zone in which BTCUSD has been oscillating recently.
Technical analysis - daily time frame RSI is bullish. The same applies to Stochastic and MACD. DM+ and DM- support the bullish view as well. Additionally, ADX started to increase which suggests that the prevailing trend is gaining strength. Overall, the daily time frame is bullish.
Technical analysis - weekly time frame RSI is neutral. MACD is due to perform a bullish crossover above 0 points, which would further improve the picture for BTCUSD. In addition to that, Stochastic is bullish. DM+ and DM- are bearish. ADX undergoes reset. Overall, the weekly time frame is neutral with the first signs of bullish developments.
Support and resistance
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering a trade.
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.