Bitcoin BTC Jan 30 Evening Update - In Depth RSI Analysis, Supports, Resistances

Predicting BTC is like predicting the weather. Sometimes we have to dress accordingly to the weather as we see the weather first. Like with BTC, we react to market changes and position ourselves after confirmation of that trend.

On the daily chart, we see the support RSI that broke. We previously broke the RSI resistance, which is now acting as a support.

There is a long series of wicks on the 4 HR chart that is bouncing off the 10K range, which is a strong psychological support. We see buyers rush in under 10K and seems to be holding strong. This current 4 Hr dragonfly doji/hammer is currently forming and may hold as support.

Here is a bull scenario provided we bounce.

Here is the bear scenario if we break support.

Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders

Please consider these videos:

Lesson 1 - Bitfinex Tutorial - How to Customize and Set Up Bitfinex
Lesson 2 - How to Analyze Candlesticks Charts with Strategy
Lesson 3 - Moving Averages
Lesson 4 - Relative Strength Index RSI with Advanced Strategy
Lesson 5 - MACD and Histogram
Lesson 6 - Margin Trading Long, Short, Leveraging
Lesson 7 - Basic Risk Management
Lesson 8 - Fibonacci Retracement Part 1
Lesson 9 - Fibonacci Extension Part 2
Lesson 10 - Laddering
Lesson 11 - How To Interpret Time Frames
Lesson 12 - Swing Trading Advanced 55 EMA Strategy
Lesson 13 - Introduction To Elliot Wave Theory
Lesson 14 - Using a Basic Excel Tracker for Risk Management
Lesson 15 - Tutorial Part 15 Automatic Stop Sell/Buy Executions

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The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.

DISCLAIMER:

Legal stuff here. I'm not financial advisor. This is just my opinion that I'm sharing with the community. All information is for yours to process how you wish.