Bitcoin Update 14th December 2020
Welcome to All In One Crypto app, All about Bitcoin update
Dear Traders, As I mentioned in our announcement section and also told so many time in our telegram group about bitcoin update. Bitcoin is simply ranging between a huge range of $16k to $20k. The range can be huge for all retail traders, but it is a smaller one for institutions. The basic thought behind this range should be formed Consolidation. The 2 weeks of consolidation in this range define a strong trend of Bitcoin. All we need to look at the breakout from the upper given green box.
Today, while writing this post, the BTC price was $19,1xx level. According to the chart and the indication from MACD and RSI overall scenario seems to be a bullish structure. However, there is a BTC CME Gap which can affect the price and dump it to the last Friday closing price at around $18,4xx.
As per the RSI, it seems there is a formation of hidden bullish divergence. How?
- Price is moving up-side: Higher low structure.
- RSI is moving down-side: Lower low structure
As per the MACD, it seems there is the same sort of formation in the histogram. The momentum is showing Bullish. Refer below image for clear understanding.
- Price is making a higher low structure.
- The Histogram shows lower low structure.
When there is a higher low stricter in any chart that will lead to the formation of the triangle pattern, often, the triangle pattern seems to be a continuing trend pattern. So in our case, Bitcoin is in a bullish trend.
So the overall view on this structure is, Bitcoin can dump up to the given zone where CME level closed on last week, and after that, it can pump up to retest the all-time high zone again. If this time it managed to penetrate this resistance then we are on super bullish FOMO.
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