Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT ________
Good day Guys! I make some updates on my Technical Analysis dated February 5, 2021 and this TA is the update.
Right now, Bitcoin is on a pullback on the weekly timeframe. It does not mean that Bitcoin is now on a bear market because it's just a pullback into important Moving Averages or Fibonacci Levels. Still, I believe a very bullish year for Bitcoin. _________
Monthly The rally started on October 2020 and most likely to end this month of April 2021. As you can see in the chart, Bitcoin made 6 bullish candles in this current rally. Most likely institutions are now taking some profits. The Price of Bitcoin is very far from EMA 9 for at least 5 months now. Most likely a pullback to EMA 9 in Monthly Timeframe is reasonable. I think, it's a good buy for long term. If you look at the RSI of Bitcoin for past 10 years, I notice something interesting. Take a look at those small yellow boxes. If RSI bounce to 70 Level, more likely in the next month to come a great price appreciation. For Stoch RSI, as long as it stay above 80 level, still looks bullish in the long term. MACD still looks good. I think these current selloff is a pullback to important levels. s3.tradingview.com/snapshots/a/a2qmNOlD.png
Weekly In the chart, you can see the important support levels that I mentioned in Monthly Timeframe. s3.tradingview.com/snapshots/x/xrxkwTxd.png The Weekly Timeframe had some sort of trend reversal for the short term. 1. Struggles to break the resistance above $ 61,700.00 for the past 6 weeks; 2. Broken the support at $ 55,160.25; 3. As of the moment trying to make a weekly closed below EMA 9; 4. RSI 70 Level is now broken; 5. Stoch RSI is extremely oversold; and 6. MACD finally has a bearish crossover to be confirm next week. So, Most likely the price to go down. Other explanation is in the chart. s3.tradingview.com/snapshots/y/YUWBFxps.png
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