So always like to start of by saying i am not a professional these are just my views based on whatever i have learnt about TA in the past few months.
I believe we have seen a full scale pullback of Bitcoin and some of my trades went through at 12700.
Indicators considered
In the above image you can see there are 3 Moving Averages .
The Green Line represents the 50 Day Moving average,Yellow line represents the 100 day Moving Average and the Red line represents the 200 Day Moving Average.Moving Averages tend to provide a good sense of support and resistance and that's why they are a powerful tool in providing market insights.
As you can see in the past BTC has bounced numerous times from the 50 day moving average that is the green line in the above image.I have drawn in red dotted lines where i expect the Green Moving average to go in the near future.I would be looking very closely as to where BTC experiences its first major bounce I predict it would be in the low 12K range or worst case maybe high 11K range.
Last Indicator we consider is the Relative Strength Index .The Relative strength index of Bitcoin is now over extended on the sell side indicating that BTC is currently oversold.As You can see i have highlighted with the Red line where i expect it to receive the first significant bounce.Currently RSI is 44.8 i believe it will receive a bounce as RSI gets closer and closer to 41.
Feel free to let me know what you guys think about my Analysis.
