RE: RE: Bitcoin: 50 DMA sends bitcoin back into the red
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RE: Bitcoin: 50 DMA sends bitcoin back into the red

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5y

Nice analysis karamyog@karamyog i was love your chart analysis and i'm always honored to add a little contribution to the chart analysis to make clearer confirmation on price movement.

The RSI is now within a symmetrical triangle. The 30k line is now also the lower bound of the bearish flag.

What i noticed in your RSI movement is the great power change which is happening bit by it. if we get to take a closer look at the RSI from JUNE to JULY the market started taking an upward trend while the market chart is taking a bearish trend.

JUNE to JULY the market started taking an upward trend while the market chart is taking a bearish trend.

these move in the market indicate convergence and Divergence movement and when it happens on a long run as it have gone for 1 month indicate that the market power is changing and a long bullish is coming to the market, so is very possible we will hit $50k.

if this bullish move happens which it will, we can confirmed in the weekly chart which is still on correction and cannot fall below $30k because of the strong support level holding it. so i believe this will happen on Bitcoin,

red candles should turn green around $31k.


@da-prince: Nice analysis | Ecency