BTC/USDT Analysis : We Can See Some Correction To $7100 Range.
Hello Steemians,
It is a Daily time frame chart. This chart is showing expected future moves by Bitcoin.
https://www.tradingview.com/x/jjeQrlPV/
Here you can see BTC has completed its inverse head and shoulder and now trying hard to pass through a very strong resistance of $7500. It tried hard to do so but every time daily candle is closing below this region which shows breakout not happened yet.
Here I have used three indicators volume indicator, RSI and Stochastics indicator.
Volume Indicator
In volume indicator you can clearly see volume was very high in last 3 days. But today's volume is quiet low than that. That shows money is getting out of market. And lack of volume in the market will lead it to some corrections which is expected till $7100 range or above it as it is a big support for bulls.
RSI
The blue line drawn in the RSI area is support line for RSI. It is bouncing from that line many times. But at this period RSI is already in oversold region so for further bigger moves RSI should come down from this oversold region to the support region. After that there are strong chances of bounce in RSI from this support region.
Stochastics Indicator
In Stochastics Indicator you can see it also migrating in overbought region. That means buying capacity of bulls is touched to extreme limit. So now it must have to go in downward direction to oversold region for further bullish moves which will only happen if BTC makes some correction. So there are high chances of correction.
Conclusion
So the conclusion is we can see some correction to the support area of $7100. As all indicators are showing these signs. But finally it is game of big players if they want we also see another pump against my analysis. So always be ready for anything