BTC/USD Technical Analysis | Crypto Trading Update 46
Hi Steemians and Crypto Lovers
I have decided to put more details to my analysis and I will be doing it mostly on daily charts and 4Hr charts. In crypto trading I will be adding 30min charts analysis instead of 1Hr charts because most of the short term trade chances and opportunities are formed in 30 mints charts.
Let's have a look at Daily Chart
As I suggested in my previous post about BTC that a strong shark fin has formed and we will see an upward move. So far, the movement is perfect, very similar to last bullish move where a similar shark fin was produced on 1850 mark. RSI is still at 61 mark which means we have some more movement left. If it can break this 4500 mark resistance than we will see it moving towards 5000 mark easily, another ATH is very possible.
Moving onto 4Hr Chart
4Hr chart has looked bullish since the formation of Bullish engulfing candle right after the BTC dip of 2950. Now if you look at current upward channel that has formed, it is interesting because we are approaching resistance of 4500 mark. If this channel can break 4500 mark then we are seeing 5000 again. On the other side it 4500 resistance hold then we will see a correction back to 4200 area.
Now we have the 30min Chart
Straight away after looking at 30min charts, I would be selling my bitcoin if I am trading for a short term profit because RSI is already above 70 area and we are also seeing a bearish divergence (see the both pink lines one on candles top and one on RSI top), so it is more likely that bitcoin will drop from here to 4350 area. It is advisable to short term traders to sell and book some profits.
Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. This Trade view is not a guarantee and only my personal speculation. Trade at your own risk with that money only you can afford. Bitcoin unexpected pump or dump will make this analysis void.
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