paranoidcoder on Nostr: Time for some #TechnicalAnalysis. On the weekly chart, things are looking good. We ...
Time for some #TechnicalAnalysis.
On the weekly chart, things are looking good. We are continuing to form this bull flag which has a high likelihood of eventually breaking to the upside. The momentum waves have gotten closer to oversold, while the money flow is thick in the green, meaning we could have found our bottom.
As for the daily chart, we have successfully formed a higher low and a higher high, which makes for bullish market structure. The next high to take out is at $69.8k, but I wouldn't be surprised if we pullback a bit for a breather before going that high. A good entry on a pullback currently would be at $58k.
Finally, the 4 hour timeframe is looking a bit overheated. the RSI's have been overbought for a while not, and we have some bearish divergences on the momentum on the money flow. We could push a bit higher from here, but this is looking like we need to have a pullback soon, which aligns with my previous observation. Here are several levels to look for good scalp trades.
#Trading #Bitcoin #MarketCipher
On the weekly chart, things are looking good. We are continuing to form this bull flag which has a high likelihood of eventually breaking to the upside. The momentum waves have gotten closer to oversold, while the money flow is thick in the green, meaning we could have found our bottom.
As for the daily chart, we have successfully formed a higher low and a higher high, which makes for bullish market structure. The next high to take out is at $69.8k, but I wouldn't be surprised if we pullback a bit for a breather before going that high. A good entry on a pullback currently would be at $58k.
Finally, the 4 hour timeframe is looking a bit overheated. the RSI's have been overbought for a while not, and we have some bearish divergences on the momentum on the money flow. We could push a bit higher from here, but this is looking like we need to have a pullback soon, which aligns with my previous observation. Here are several levels to look for good scalp trades.
#Trading #Bitcoin #MarketCipher