BTC bouncing on/near trend line support
BTC looked to retrace slightly after some dancing around 61K as expected. The part I find interesting about this latest bounce is how near BTC is getting to many trend lines approaching.
For one, BTC just bounced off the hidden bullish divergence trend line (green dash line on RSI). But even more interesting I think is the rising support trend line that has been consistently trending up on the 4 hour chart ever since 43K that BTC is also near (solid dark-green line on RSI). Even furthermore there is the bottom of the current upward channel (purple dotted line) that BTC is getting very near. In addition to that there is also the top of the original channel for which BTC is right above (yellow lines) as well in addition to the intersection with the previous channel's top (dashed green line for price).
All these trends can easily mean a nice bounce is occurring right now, although there is still a little more time whereby it can easily dip a little more around 58K into tomorrow, then bounce upward.
For many others I have seen, 57.5K has been called out a few times as strong support, and it looks like a lot of intersections occur around 58K, but below 57K also looks to be of great concern to watch out for as well. Hence, there is also the possibility that the price can break below each of these trends and into former trends (green dashed and yellow lines). If that were to occur, each of the trend lines represents a different levels of support ranging from 47K to 54K afterward.
My thinking is that the stimulus payments being released will create an influx of folks jumping into markets, but only time will tell if that indeed does occur, especially before any dip might occur.
However, if there is a large bounce, I am keeping a close eye on near 67K to see how much resistance there is in addition to how much pushback there is on RSI afterward.
And of course, I am open to any additional interpretations as well as any other insights others might point out. Opinions are welcome as always.
For one, BTC just bounced off the hidden bullish divergence trend line (green dash line on RSI). But even more interesting I think is the rising support trend line that has been consistently trending up on the 4 hour chart ever since 43K that BTC is also near (solid dark-green line on RSI). Even furthermore there is the bottom of the current upward channel (purple dotted line) that BTC is getting very near. In addition to that there is also the top of the original channel for which BTC is right above (yellow lines) as well in addition to the intersection with the previous channel's top (dashed green line for price).
All these trends can easily mean a nice bounce is occurring right now, although there is still a little more time whereby it can easily dip a little more around 58K into tomorrow, then bounce upward.
For many others I have seen, 57.5K has been called out a few times as strong support, and it looks like a lot of intersections occur around 58K, but below 57K also looks to be of great concern to watch out for as well. Hence, there is also the possibility that the price can break below each of these trends and into former trends (green dashed and yellow lines). If that were to occur, each of the trend lines represents a different levels of support ranging from 47K to 54K afterward.
My thinking is that the stimulus payments being released will create an influx of folks jumping into markets, but only time will tell if that indeed does occur, especially before any dip might occur.
However, if there is a large bounce, I am keeping a close eye on near 67K to see how much resistance there is in addition to how much pushback there is on RSI afterward.
And of course, I am open to any additional interpretations as well as any other insights others might point out. Opinions are welcome as always.
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