4-hour charts. Three days ago the above level was retested and unfortunate to the bulls, the price got quickly rejected down. The daily charts RSI level: Following our previous BTC analysis, the 60 RSI level had supported the Bitcoins daily chart. I jumped on board the Bitcoin train last year and added it to my Research Platform. Most likely, this date marked the end of bitcoins first cyclical bull market. . Probably the whales are preparing their next major move. BitFinex open short positions: The short positions have decreased.3K BTC open positions. Because this is the date when bitcoin exceeded its previous all-time of 1135 from November 29, 2013. . Unfortunately, its impossible to provide an accurate answer.
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So shorter and more frequent cycles makes sense. The breakout granted the coin the immediate target of previous resistance at 4050. Bitcoin chart #2, bitcoin recorded a low of 10934 on December 22nd, which marked the end of its brutal 5-day decline. . Were getting what appears to be a historic breakout in the price of Bitcoin vs a competitor (fair or not arithmetic scale, im a logarithmic gentleman myself but I did think the arithmetic chart also gives you some good perspective. So far, this has not been the case with bitcoin. . The upside objective here is near 1630, which represents the 161.8 extension of the entire 3 year consolidation. NetPicks Latest posts by NetPicks ( see all ). Despite Bitcoins decline from the 4000 area, Altcoins are getting stronger, and the Bitcoin dominance is at its lowest point since August 2018. This could be crucial if the RSI can lift from here or break down, what can trigger the next BTC move.
Let's start on the daily chart: If yesterday there was nothing which confirms bearish price action then. Technical Bearish Pennant Rising Wedge Overbought StochRSI Money Flow Index in the overbought.