Where’s Bitcoin Going This Week? Start of Alt Szn Soon?
Bitcoin for the first time since 25th of June has signalled on the 1Week Time frame that it will see an uptrend. Historical analysis by Nouvive Intelligence has found that if this is the case, we could see a 47.7% increase, leading BTC all the way to $9380.
What does the Technical Analysis Say on the 1W HTF?
- Accumulation via the OBV or On Balance Volume that illustrates open interest shows that there is a slight uptick - similar to that of early October where BTC re-tested the 15MA.
- This could perhaps be a foretelling of a retest of $6550 over the course of the week.
- The RSI Stochastic illustrates that for the first time since 25th June 2018, it is crossing over - this could be a telling that if the historical price analysis is correct - we could see a 47.7% increase leading Bitcoin to $9380.
What does the Technical Analysis Show on the 1Day HTF?
- BTC over the weekend has a stop run going as low as $6281. As Nouvive Intelligence reported - the vast majority of institutions are in a long from the early $63XX - therefore we wouldn’t close there at all.
- The RSI Stochastic is signalling a cross over that we saw at the end of October, this was the start of a Mini Alt Szn and a 5% run up - therefore this could perhaps see Bitcoin end the Week just shy of $6700.
Where is Bitcoin Going Today?
- There is heavier buy side support - increasing hour on hour, it is Highly unlikely we will go past the support area of $6316.
- BTC is currently flirting with the 15MA line on the 4h.
- The RSI stochastic on the 4H time frame is looking bearish
Nouvive sees Bitcoin retesting $6372 with the day ending just above $6382.
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