Bitcoin May Be Ready to Get its Wings Soon: Price Analysis

Price Analysis Apr 04, 2021

The markets appear to be on the verge of teetering. But since there are some that may not believe this, this article will provide as much information as possible to corroborate that notion.

Bitcoin Price Analysis

Bitcoin is bearish on the daily for every single indicator and metric that we can find.

But let's go through them all instead of telling it so that everyone can see.

https://www.tradingview.com/x/3N49qwsM/

In the chart above, we can see Bitcoin fail to leap across that $60k overhead resistance.

Most recently, we saw Bitcoin get knocked back once again (politely, yet firmly)

Something that's worth noting is the depth of the drop after that initial pullback (see below):

https://www.tradingview.com/x/cd1godf1/

Balance of Power RSI For Bitcoin

This is looking pretty bearish for Bitcoin as well.

https://www.tradingview.com/x/fGNSGqWe/

If we look closely, we can actually see that the indicator had been firing bearish (diverging) since April 1st (and, of course, it still is now).

Relative Strength Index (14)

This chart says much of the same thing as well

https://www.tradingview.com/x/pNrkiYMT/

Below is another version of the RSI(14) [a bit more annotated this time]

https://www.tradingview.com/x/p0edELjf/

Bitcoin is Still Bullish Long-Term

Weren't expecting to see that, were you?

This is an 'Easter Egg' for anyone that's curious about Bitcoin's outlook over the long-term.

Let's take another look at the price chart on the daily resolution.

https://www.tradingview.com/x/uCVz8YlC/

Yup, you're seeing that correctly.

There's a massive bull pennant forming on Bitcoin on the daily resolution as we speak.

And when that bull pennant breaks out, the price could go crazy.

What is a Bull Pennant?

Some say that showing is better than telling, so perhaps the following screenshot will provide some guidance:

This next one might be even better (since it identifies the 'sideways movement' [consolidation] portion of the chart formation)

Thus, we should eventually expect price action that looks a bit like this

https://www.tradingview.com/x/GY4iNua4/

Conclusion

First thing we want to do here is find the likely strongest point of support from where its at currently, which appears to be here

https://www.tradingview.com/x/vfqXgvEX/

It appears that the support is around the $55k-ish mark (give or take).

Given what we can see on the charts here for the daily resolution we're actually going into enter into a long position here.

R/R on the Trade

https://www.tradingview.com/x/mtKzzxvK/

Tags

cryptomedication

Happy to serve and help wherever I'm needed in the blockchain space. #Education #EthicalContent #BringingLibretotheForefront

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