Bitcoin is on an ABC wave theory correction.
Once bitcoin reaches 5k area I will be long on bitcoin and project anywhere from 9k-10k
Strong support at 5k, past resistance and 100 SMA meet at 5k.
RSI is showing bullish divergence, where the price action made a higher low and RSI made a lower low, indicating a continuation of the uptrend. Uptrends don't go straight up.
Momentum is at the bottom, as price slowly decreases, showing bears weakening, the momentum will begin to pick up. Switching the momentum from bearish to bullish, once bulls begin to take over the momentum indicator should cross over the midpoint.
Once bitcoin reaches 5k area I will be long on bitcoin and project anywhere from 9k-10k
Strong support at 5k, past resistance and 100 SMA meet at 5k.
RSI is showing bullish divergence, where the price action made a higher low and RSI made a lower low, indicating a continuation of the uptrend. Uptrends don't go straight up.
Momentum is at the bottom, as price slowly decreases, showing bears weakening, the momentum will begin to pick up. Switching the momentum from bearish to bullish, once bulls begin to take over the momentum indicator should cross over the midpoint.