Argument for Bitcoin Bulls: The weekly looks very healthy all around, and we may be ready for another infamous 1000 candle/wick spike. Here’s my case starting in January 2019:

Jan 7, 2019 is the most recent date on the weekly which we still see a Volume Profile Visible Range (VPVR) indicator this low, in the 3,500’s. That was a rough time for BTC hodlers. It may not have been clear at the time, but the buildup was imminent. With a nice and low RSI , we saw support from the 200 Moving Average (MA) at $3,307.65 shortly thereafter the week of Jan 28(orange.)

When we move one week over to the right, with the week of Jan 14 as our start, we finally see a jump on our VPVR to $7,944.99. In other words, from Jan 14 to present, the price which Bitcoin has traded the most heavily at is $7,944.99. This is a healthy sign because we are above the support we saw at $7,634.58 on June 3 during the pullback of the initial jump to our current price range.

Since the pullback during the week of Sep 23, 2019 where we shortly thereafter saw support from the 100MA on Sep 30 at $7,743.67, we have almost fully recovered, conquering the 4 and 21 Exponential Moving Average’s(EMA’s.) Most importantly, the Relative Strength Index ( RSI ,) has finally leveled out after the spike to $13,868.44 on June 24, where we saw the RSI spike up to almost 80. The 21 EMA (purple) has supported this most recent week’s dip thus far, and Bitcoin looks like it’s ready to reclaim $10,026.79. If that level turns into support, we could see some big profits in the sort-medium term.

Disclaimer: This is NOT trading advice! These are merely my opinions that I have posted for educational purposes only. I hope you all kill it, but I am not responsible for any financial losses. Thanks for reading!

Published at Sun, 03 Nov 2019 05:30:02 +0000

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