BTC Price Analysis: Back to $4200
Monday Mornings; Lets look at where Bitcoin chooses to go during the day. Nouvive Intelligence has pointed out that the current price action mirrors that of late last week, just before the pump up to $4200.
What does the Chart Say?
Bullish
- On the lower time frames, BTC looks incredibly positive with an aim back up over $4000. This is owed to historical price action from the 30th of November, that appears that Bitcoin will make in a single move up to $4162 before stabilising there during the course of the day.
- RSI Stochastic on the lower time frames have crossed-over from there OVERSOLD positions - indicating that with enough momentum - we may see this momentum at the New York or Frankfurt open to see a move over $4163.
- Following a fall to $3883, accumulation has picked up and not stopped - indicating that the bulk of the market has viewed this move as a local bottom for the day and UNLIKELY to revisit during the rest of the day.
- Gaps that need to be filled at $4039.
Bearish
- There are several gaps that are needing to be filled at $385X.
- The higher time frames illustrate based on RSI and RSI Stochastic that a dump has not yet been finished, and therefore we could see $385X being retested.
Nouvive Says: We will most likely see a retest of $3863, before trailing along to the late $398X’s before pumping to over $4162 in one move.
Prudent Investors looking at the lower time frames should get into Long positions with a stop loss well below $3839 with a take profit at $4163. Those who are trading the alt coin market should in preparation for this move trade USDT or equivalent pairs.
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