My Personal Technical Analysis on BTC/USDT
With my phone notification starting to be flooded once again with daily news on bitcoin price updates, I think it would be good to check what the chart is showing and share this on my blog.
Here is the latest chart I pulled from bittrex on BTC/USDT (Some steemians have shared about moving over to coinigy for the charts. I'm still getting familiarized with it so hope I can use that in the future):
Chart snapshot obtained from Bittrex
What's On The Chart:
Chart timeframe is Daily
To simplify the chart, I've only provided 2 technical indicators:
** A faster 20-Day Exponential Moving Average in RED, and
** A slower 50-Day Exponential Moving Average in TEAL
My Personal Analysis
Bitcoin's on a downtrend. The 20 EMA is also below the 50 EMA.
We are at about the support line now, which I would think is around the $8,000 range, give or take. It will be crucial to see if this support line can hold, or if it breaks below that.
Should prices hold at the support level, the move may move up to the upper line of the downtrend channel. Also note the 20 EMA (in RED) may also serve as resistance.
Should prices break below, the next support level will be at the $5,000 range.
So that's about it for my personal opinion on the current technical picture, barring any fundamental news that could help print a new direction for bitcoin. Some other steemians have also cautioned in my previous posts about potential price distortions from pump and dump schemes, so always be careful especially when doing short term trades.
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Opening photo courtesy of Pixabay.