Bitcoin Price Analysis: Unchanged For The Day, What Does That Mean For Tomorrow? (Video)

in bitcoin •  10 months ago

Bitcoin ended the day unchanged, but it moved several percentage points during the day. Lets have a look at the daily chart:

FireShot Capture 621 - BTCUSD_ 3611.14 ▼−0.03% - Unna_ - https___www.tradingview.com_chart_AxIWekrr_.png

Comment: So we created a doji-candlestick, that usually means that we have reached a turning point if we are at such a point. The question is, are we at a turning point at 3611? It is hard to tell, we do have some minor support at the descending trendline as you can see in the image.

So, the good scenario is that this is a turning point and that we will move up tomorrow. However, I still think that we are not done with this pullback. Today we made a lower high and a lower low, that is negative and we are still way below the bollinger band median and the Stochastics is still pointing south.

Also, today look very similar to 3 days ago, have a look at that candlestick, we got a big fall after that day.

In conclusion, there are some positive facts after todays unchanged event, but I would say that the negative facts weigh heavier today so we could expect a downday tomorrow.

Just want to mention the other altcoins real quick, some of them actually had a positive day such as Litecoin, Monero, Ethereum and Dash. Here is Litecoin for instance:

FireShot Capture 622 - LTCUSD_ 47.357 ▼−0.3% - Unname_ - https___www.tradingview.com_chart_AxIWekrr_.png

Happy trading!

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excellent information. i expect that bitcoin keep in 4000 or near. i believe in ethereum but i dont know why dont go up quickly.