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BTC Daily Analysis: Pivotal Point

BTC will have to make a decision following its ability to overnight find a key support level. What will happen now is; whether it decides to dump down to $3582 to retest how strong the support is there or whether it uses $3687 as a support before it retries $3900. 

What do the charts say? 

Bullish 

  • Currently Bitcoin is resting between the 0.618 and 0.786 fibonnaci lines as it decides what to do next; positive price action illustrates we will see a green day today; albeit a 2% day. 
  • On the lower time frames; BTC is using the 55MA as the support; whilst the 15MA acts as a resistance area. 
  • An ability to breakout past $3750 would illustrate that we will see the volumes gaps at $3764 and $3820 filled. 
  • Volume is slightly decreasing, with heavy buy-side support continuing – this matched with accumulation inclining over the past 24 hours – sees a positive next 12 hours.
  • On all time frames; the RSI Stochastic is illustrating that BITCOIN is oversold. 

Bearish 

  • Volume gap at $3606 needs to be filled. 
  • Break of the inclining trend line support illustrates that BTC will fumble downtrend to $3606, perhaps $3582. 

Nouvive Says:  BTC will see a green day during the course of the next 24 Hours; it is key to watch the incline trend line at $3687, if it does break, we will see BTC go to $3582. 

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2336

ViFeed Indicators

Bitcoin (BTC)
$10049.04
52.00 RSI
0.43%
Hold
Ethereum (ETH)
$210.39
57.00 RSI
-1.94%
Hold
XRP (XRP)
$0.28
47.00 RSI
-3.37%
Hold
Bitcoin Cash (BCH)
$307.75
55.00 RSI
-0.97%
Hold
Litecoin (LTC)
$72.47
55.00 RSI
-0.86%
Hold
Tether (USDT)
$1
29.00 RSI
0.00%
Buy
EOS (EOS)
$3.83
39.00 RSI
-4.26%
Buy
Binance Coin (BNB)
$20.36
44.00 RSI
-3.05%
Buy
Bitcoin SV (BSV)
$119.84
39.00 RSI
-1.66%
Buy
Stellar (XLM)
$0.07
63.00 RSI
-3.04%
Hold
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