Bitcoin Analysis 5 September 2018
Hi Followers, hopefully you all will be right. I am writing this post in hurry. Because many people are happy that Bitcoin price is moving upward. But look at the daily chart, What is daily time frame chart of Bitcoin is saying.
In the above picture you can see that price was moving within the upper Bollinger band for last 8 to 9 days. So in last 8 to 9 days it was in bullish movement. But now price is moving away from the upper Bollinger band. This indicates two possibilities. First is either price will move now side wave or price will move down. In the below box you have seen that RSI just crossed 60 for last 2 to 3 days. It is not crossed for last 8 to 9 days. So RSI is also not indicating bullish movement further.
Now look at the one hour time frame and analyse what it says.
Look at upper box where black arrow is indicating a red candle. As we see in daily time frame that Bullish movement is fading. So in one hour time frame we can see the reversal candle occurs and even after that 8 candles passed but price did not move upward and has not crossed the upper level of red candle.
Conclusion
Close the buy trade which you opened and take the profit. Now stay away. As the price pull back and will touch the middle Bollinger band then I will analyse the upload the post so once again you should take the entry.
Follow me @cryptoexpert79
https://steemit.com/cryptocurrency/@cryptoexpert79/bitcoin-technical-analysis-30-august-2018
This Post has received a 100% upvote from RACOBOOSTER/ @rakoo alliance team
100% FREE TO JOIN
great technical analysis, sir..hope to see the momentum coming back pretty soon. thumbs up..
Hi @gungunkrishu, you have seen drop in Bitcoin as i said in my analysis, but as you hope it will get momentum but in future.
thank you for your prompt response, appreciate it.
You got a 6.46% upvote from @upmewhale courtesy of @cryptoexpert79!
Earn 100% earning payout by delegating SP to @upmewhale. Visit http://www.upmewhale.com for details!
You got a 3.12% upvote from @postpromoter courtesy of @cryptoexpert79!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Congratulations @cryptoexpert79! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard: