#Daily: Bitcoin and everything you need to know

24 may 2020

All you need to know about the Bitcoin and not to flush your money down the drain.

Facts
1. The price is clamped to the current range $8,107-10,080 (1st), the previous one = $4,644-6,990 (2nd).
2. The price has formed the Grand range = $3,858-10,953 (3rd).
3. These three ranges have formed three zones of magnetism (orange blocks).
4. The trend line (this_is_not_an_uptrend) is holding the price, but this line is not an uptrend, because the February maximum $10,522 hasn't been updated yet.

Forecast
1. The price is climbing at a steep angle trend line (steep_angle) and this movement isn't supported by the RSI (the indicator is below the trend).
2. A bearish divergence is formed by the RSI.
3. The Bitcoin doesn't feel strong and there is a strong seller at the level of $9,900. There aren't enough buyers at this price, though.
4. Until the 3-day candle closes above the zone of $10,540-10,953 shorts are preferred. The first buy signal = closing a candle above the range ($10,080).
5. It's more expected that the price will retest the first area of ​​magnetism = $7,300. A short-term drop to the 10k level does not cancel the forecast, but strengthens it. Cancel = reffer to the term 4.


Not a trading recommendation.
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