Hi all,
This is some analysis I've done on Bitcoin, this is all purely based on the data that the chart gives us.
DISCLAIMER:
This is not financial advice, this is my analysis of the market, and remember,
always do your own research.
Long Term:
BTC seems to be holding support at $5900 but recently broke market structure from the last low of early April. That signifies that we're now in a downtrend since we couldn't make a higher low from April low.
Breaking $5,900 could cause a much more accelerated sell off since the next support is $4700. In the long term, we would need to get above $10,000 to reverse the trend.
Short Term:
In the short term though, it's clearer that we've rebounded from the low of $6111, and we're slowly recovering by making higher highs and higher lows. As you can see the price is moving within a channel that ranges from $6,300 to $6,800. We would need to break through $7,000 resistance in order to have higher momentum up. As you can see from StochRSI we are still sloping up and not overbought yet.
On the 4H chart it seems like there's a pullback but still above the the last low beforehand. If we can rebound and create higher high it could be enough to break through $7,000.
Thank you for reading!
If you enjoyed reading this or learned something, please tip, anything helps.
BTC address:
1F8rQs5hqmSJj6LGUwB7KaGBeHp5yARFkj
ETH address:
0xc9605da5f88170ff51c04e4b51f70fa192897602
NANO address:
xrb_3e6m1nrhq45n7x93ee3f7daxkp7hghw4etm3jcsog1fs35ebnsxggkmtqy9h
Cardano/ADA address:
DdzFFzCqrht9gwwRg6XASb9647CAd7gydmUjU4NXJb3dfJ9VegWQzK5ZroV55Fyx5djWYiAWj9bUnQnuDSaNjWoSKdNoipQX8EM6se7V
