📊 BITCOIN 3/6/2021
🔸 WEEKLY GRAPH:
We are certainly still in a bullish trend, which has been going on since July / 2020, which is easily identified on the weekly chart. Now we are looking for the bottom fund to have more strength to go up, which is extremely healthy, normal and necessary to keep going up.
Anything above 30k USD is an upside bottom on the weekly chart. However, the price would drop too low for us to have the strength to make a new historic top. I prefer the fund to be up to 40k USD.
RSI in 70, so we need to be smart, because at some point, we will need to lower that level, which is already happening now, although it is still high. Which is nothing serious compared to the RSI for the week of 4/1/21, which was 95 and that of 15/02/21, which was 88.
🔸 DAILY (3/6/2021):
Upward trend, for sure!
You can see it from the Trading View charts, which have been rising since Oct / 20, with ever higher tops (rising tops) and lower and lower bottoms (rising funds).
We are forming the bottom fund at the moment, this justifies the low prices that we are seeing. On the Bitcoin daily chart, any fund above 30k (USD) is a rising, normal, necessary and healthy fund. If we stick to that, it is considered a downside fund, and a possible trend reversal. Only in this case, we will go down so much with the price that we will hardly form a new historic top, we will not have strength.
In my opinion, we are doing the bottom up now in the diary. And maybe he was even trained at 42k USD. In order to continue the upward trend, we need to go beyond the historic top to make a new rising top.
RSI at a good level: 53. Last time we were below 40, for example, was on 8 / sep / 20. Below 50, it was on 2/28/21, at the bottom of 42k USD. Before that, on 01/27/21, in the previous upside fund, at the price of 30k USD. And before that, on 10/6/21, at 11k USD. For me, we have already formed the fund in the 42k!
🔸 4 HOUR CHART:
We have a huge bearish pattern, with one shoulder, head and shoulder forming on the 4-hour chart. If this pattern is confirmed, we can see prices dropping up to 41 or 42k USD.
However, this bearish pattern will only be confirmed if we break the white support line on the 4-hour chart. That will be more or less around 46,300 USD. After confirmation, it is a short opportunity up to 42k USD and the next target at 41k USD.
It is very important that the pattern is confirmed. Otherwise, the price may go up rather than fall.
However … incredibly we have the same pattern, only much larger and inverted, which means a bullish scenario! Which will be confirmed first? After confirmation, which will break the upper white line, around 52k USD, we have the first target at 58k USD and the second at 60k USD. That is, we also have a long opportunity.
Remembering that after confirmation, one default cancels the other. That is, if the bearish pattern is confirmed, it invalidates the inverted high OCO and vice versa.
Now, we just have to wait for the candles to form on the 4-hour chart to position us! Follow the Learn About Bitcoin on the social networks below and don’t forget: any questions, call me there in the Telegram group!
Kisses to you! Good trades! ❤