Bitcoin has found a bottom...FOR NOW
After the recent selloff in the crypto market following the FTX news, things seem to have finally started cooling down. As we can see with a clear divergence in both the MACD and RSI between the recent bottom and June's bottom, in addition to the positive MACD crossover which marked most of the recent tops and bottoms, it seems that both INDEX:BTCUSD and the crypto market are finally due to a relief rally.
However, the setup is on the 2D chart. So, it might need some time to play out. My guess is we should be good to go around next Wednesday when the US CPI data is released. The important key levels I'm looking for, for a take profit and potential are reversal are as marked on the chart below. The first target corresponds to the area around the June low and very important level as we also have the 50 and 100 daily moving averages which both acted as a level of resistance during the period of this bear market. We should first expect a pullback upon reaching it, and after that maybe a continuation to the 21500 level before seeing a start of a new uptrend or a continuation to the downside.
P.S. Always do your own analysis before making a trade!
However, the setup is on the 2D chart. So, it might need some time to play out. My guess is we should be good to go around next Wednesday when the US CPI data is released. The important key levels I'm looking for, for a take profit and potential are reversal are as marked on the chart below. The first target corresponds to the area around the June low and very important level as we also have the 50 and 100 daily moving averages which both acted as a level of resistance during the period of this bear market. We should first expect a pullback upon reaching it, and after that maybe a continuation to the 21500 level before seeing a start of a new uptrend or a continuation to the downside.
P.S. Always do your own analysis before making a trade!
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