Bitcoin Analysis Short Term: June 11th, 2018 UTC
The daily closed in remarkable fashion. I am seeing some Bullish signals emerge mid term but also some Bearish signals short term.
Take a look above at our RSI, we don't typically see a channel like that unless it is a continuation pattern down. I don't have to time to show past moves of this structure but if you examine the RSI on multiple time frames you will discover that double channel pattern is a chop move leading down a majority of the time; These are slow and steady structures that lead to a very fast and violent move.
The good thing is we shouldn't drop much further short term. I have three support lines I am looking to stagger bids at. Like I said I am seeing some bullish signals I will cover hopefully here soon with a full analysis, so if these structures don't deviate into a drop then that cancels my trade.
If we don't get the drop then it is no sweat off of me, the next trade will be there with patience. I will be keeping an eye on the Stochastic rising too fast before any major price moves, this will typically indicate we are getting close to breaking downward. This is a very short term observation I will be playing so keep in mind the date and time when reading this.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. There are a lot of trolls and naysayers in my comments so if you appreciate these in comments I appreciate you back. :) Thank You!
Take a look above at our RSI, we don't typically see a channel like that unless it is a continuation pattern down. I don't have to time to show past moves of this structure but if you examine the RSI on multiple time frames you will discover that double channel pattern is a chop move leading down a majority of the time; These are slow and steady structures that lead to a very fast and violent move.
The good thing is we shouldn't drop much further short term. I have three support lines I am looking to stagger bids at. Like I said I am seeing some bullish signals I will cover hopefully here soon with a full analysis, so if these structures don't deviate into a drop then that cancels my trade.
If we don't get the drop then it is no sweat off of me, the next trade will be there with patience. I will be keeping an eye on the Stochastic rising too fast before any major price moves, this will typically indicate we are getting close to breaking downward. This is a very short term observation I will be playing so keep in mind the date and time when reading this.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. There are a lot of trolls and naysayers in my comments so if you appreciate these in comments I appreciate you back. :) Thank You!
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Please do your own research and use my content to educate yourself.
Please do your own research and use my content to educate yourself.
