Bitcoin Technical Analysis
Bitcoin just breached $7,600 as I am typing this and the entire cryptocurrency market cap is down a whopping 64% from its all time high above 800 billion. As seen very obviously, bitcoin's moves seem to dominate the entire market, with people taking profits from the most recent run....or panic selling after buying the local high or on the way up to 20k.
TA:
Bitcoin appears to be in a falling wedge on higher TFs, 1D & 12H. The bottom trendline looks like a good spot for a bounce up around the 7200-7400 level. Notice how I use basic elements of TA to create a confluence of conviction that a bounce is going to occur.
THE BULLISH CASE: The angry bull in me sees a few points of weakness in the fellow bear:
I. RSI reaching oversold levels on the daily chart
II. Huge horizontal level at just under 7k
III. Falling wedge TA pattern
THE BEARISH CASE: 50% Bear, don't forget it, heres why:
I. About a week of downtrend, "trend is your friend until the end"
II. Declining volume pre-breakout of falling wedge, would confirm with big green volume on daily
As always, this is not financial advice, just my thoughts on price action and the crypto market please upvote, resteem and follow more content! I'll be posting everyday for you guys.
Cool, following you. Whats your current favorite coin/token?
Currently, I love monero because of its privacy, IMO if altcoins ever die off, Monero will survive long term. Hbu?
For future viewers: price of bitcoin at the moment of posting is 7659.00USD