My Short Term Bullish BitCoin Analysis.Hello everyone!
This is my first TA that I'm posting here. Thought I would share my thots about Bitcoin and what we are going to do in the short term.
First my scenario: (This is NOT a financial advice, it's my own opinion and I think this is approximately how the market will play out.)
So, we can see that the MACD is a bit hight, and I think we still will go down to lower 7K$ levels (7,200-7,300$). At that point, the RSI will be lower, and it will be around 6th of June. (The 6th theory that everyone has been talking about? :D )
If/when that happens, we will see a massive break out up to 8,200-8,300$ levels (fib: 0.786), a bit of retracement down to 7,700$ level. I'm basing that off on the last BTC price pump, we broke that line and held it around 3 times. So it can definitely be a strong support.
Then as you can see we will go and try to break the 8,200-8,300$ resistance (fib: 0.786) and probably get rejected at higher 8K$ level (8,700-8,800$).
Also, I think this dump to 7,200$ will be good, since it's a good support and we can gather more confidence at that level and bust it with more power than before.
Or we may have the big pump like we did for the last couple of weeks and break through the 8,200-8,300$ levels without any retracement back to 7,800$.
I will update this as we go!
Wohoooo!
$BTC #btc $Cryptocurrecny $Altcoins
