Coin Watch: Bitcoin
Hi guys, I've been thinking of how to make useful ideas, and here's what I came up with.
I will be watching useful coins in the top 100, starting with a high timeframe analysis and then continuing on the intraday regularly.
Let's start with Bitcoin, the most popular digital currency, which offers to be your own bank, with a limited supply of 21 millions.
On the weekly chart from above, we clearly are bullish. From the bottom of 15 500$, price is making higher lows and also higher highs, although the pace in new highs is weakening.
The daily chart on the right shows consolidation areas with breaks and currently in an uptrend shown by an ascending channel. It's good to note that the RSI is also rising its support which is a sign of an uptrend.
Now onto the 4 hours:
On monday, a fake news about the Bitcoin ETF went viral on social media, creating a pump in price in just a few hours before correcting once things got cleared out. To me this is the proof that people have been waiting for the news to buy and that it is not priced in yet. Also noting that the open interest is only half way up despise that huge move. We can expect further action in the near future.
Stay tuned!
Written by Cyatophilum - Created 2 years ago - Last edited 2 years ago
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