BTC to fall to 8470? Trading Analysis (Technical Only)!

bigcash2011

sr. member

Activity: 1442

Merit: 265

Quote from: Gafman on June 15, 2020, 01:26:29 PM

This is my personal analysis on the daily timeframe for the long term movement for BTC.

BITCOIN analysis using TA and RSI

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Price is showing high selling potential on the D1 timeframe with:
1. Trendline break signaling a trend reversal
2. Hitting a strong resistance zone with a huge bearish rejection candle
3. Divergence on the RSI indicator signaling a trend reversal

BITCOIN analysis using the 20 and 50MA indicators

1. Price is in ranging zone hitting the range resistance with a huge bearish rejection candle, now heading for the Range support
2. Price closes below the 20MA (white line) and tested it twice

Conclusion:

I will be going for sell for BTCUSD at market price
TP1: 8564
TP2: 8500

NOTE: This is only a technical analysis and can be affected by a high impact news, No analysis is 100%. Make sure to analyze using your personal indicators. Thank You.

This could happen eventually because my opinion is similar as i am also looking for one last dip before bull run starts and this could be it but it seems like daily candlestick is showing rejection and pin bar that means there is high demand for btc at these prices and in coming days price can go up, although i am also the one waiting for big bull run but one dip can be good for market lets see how btc will play out from here onwards.

Gafman

jr. member

Activity: 131

Merit: 4

Quote from: Harlot on June 15, 2020, 02:12:01 PM

This is what I don't like about diagonal trend lines because literally analyst can start of anywhere they want just to show the outcome they think that will happen. Some people start of drawing their trend lines at the base while some like in this chart started of with the tail and you should take note that the trendline wasn't even plotted correctly on how the analyst continued to draw the line without touching any other tails. In that chart yes Bitcoin may have broken down the medium up trend but in some charts that you will see in tradingview you will see that Bitcoin hasn't broken any kind of support yet. I think it is also important to point out that the last candle in the chart shows a long tail at the bottom showing price rejection from the bears just like the tail during March 15 which after 2 days we have seen Bitcoin's up trend.

Analysts see things differently that's why we all have different view on the direction and movement of the market, Thanks for the notice tho..

Harlot

hero member

Activity: 1806

Merit: 672

This is what I don't like about diagonal trend lines because literally analyst can start of anywhere they want just to show the outcome they think that will happen. Some people start of drawing their trend lines at the base while some like in this chart started of with the tail and you should take note that the trendline wasn't even plotted correctly on how the analyst continued to draw the line without touching any other tails. In that chart yes Bitcoin may have broken down the medium up trend but in some charts that you will see in tradingview you will see that Bitcoin hasn't broken any kind of support yet. I think it is also important to point out that the last candle in the chart shows a long tail at the bottom showing price rejection from the bears just like the tail during March 15 which after 2 days we have seen Bitcoin's up trend.