After yesterdays pump, BTS has corrected back to the 180 sats area. This is a decent price and we seem to have found new support around the 180 sats area. The correction was healthy and necessary, nothing to be afraid of.
Now, there are a couple of key points visible in the chart.
1. As marked by the green circle, the MA50 seems like it will cross the MA200 today or tomorrow. This is called a golden cross; a very good sign.
2. The RSI doesn't show any divergence. It achieved higher highs and higher lows, just as the price did. This indicates continuation of the current trend, which is obviously bullish.
3. MACD looks healthy and shows no signs that would indicate a reversal.
4. StochRSI (not present in this chart) has a reading of ~70, indicating we are not currently oversold.
Overal, looking at the daily chart, the prospects are good. After this correction, the uptrend will most likely continue and we will achieve higher highs than yesterday. Hourly chart indicates that we are currently oversold.
We will also keep an eye on BTC.D (Bitcoin Market Dominance), which seems to be falling. If it keeps falling, we might see the long awaited altseason occur soon.
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Orange lines => Targets (located @ support levels). If you want to take profit, do this slightly below these support lines.
Green line => New support zone
Now, there are a couple of key points visible in the chart.
1. As marked by the green circle, the MA50 seems like it will cross the MA200 today or tomorrow. This is called a golden cross; a very good sign.
2. The RSI doesn't show any divergence. It achieved higher highs and higher lows, just as the price did. This indicates continuation of the current trend, which is obviously bullish.
3. MACD looks healthy and shows no signs that would indicate a reversal.
4. StochRSI (not present in this chart) has a reading of ~70, indicating we are not currently oversold.
Overal, looking at the daily chart, the prospects are good. After this correction, the uptrend will most likely continue and we will achieve higher highs than yesterday. Hourly chart indicates that we are currently oversold.
We will also keep an eye on BTC.D (Bitcoin Market Dominance), which seems to be falling. If it keeps falling, we might see the long awaited altseason occur soon.
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Orange lines => Targets (located @ support levels). If you want to take profit, do this slightly below these support lines.
Green line => New support zone