BTC - Price Analysis
The price of BTC has been drifting up an ascending channel and finally met strong resistance at the ~6872 price point.
Currently the stochastic RSI has reached overbought territory and is in the stages of moving back to an oversold region.
Support at the 6300 price point seem very well supported both by Fibonacci levels, the Kijun Sen, and psychological support.
I don't believe we will see the price break to the downside of the channel. Although the Stochastic has room to fall, the RVI is signaling that volatility is decreasing. That in combination with the well respected support that has formed, I believe we will see a move upward in price over the next few hours.
The 2 as well as the 4 hour timeframe have bullish Kumo twists and bull crosses on the Stochastic RSI. Which further reinforces the idea that the price should stay contained within the channel.
However, a large enough sell off and a break to the downside would mean our next level of support is ~6130 - 6200
Currently the stochastic RSI has reached overbought territory and is in the stages of moving back to an oversold region.
Support at the 6300 price point seem very well supported both by Fibonacci levels, the Kijun Sen, and psychological support.
I don't believe we will see the price break to the downside of the channel. Although the Stochastic has room to fall, the RVI is signaling that volatility is decreasing. That in combination with the well respected support that has formed, I believe we will see a move upward in price over the next few hours.
The 2 as well as the 4 hour timeframe have bullish Kumo twists and bull crosses on the Stochastic RSI. Which further reinforces the idea that the price should stay contained within the channel.
However, a large enough sell off and a break to the downside would mean our next level of support is ~6130 - 6200
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