Bitcoin (XBT) Price Action (9-Dec) @alanmasters

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Bitcoin’ (XBT) is starting to move up after finding support on the 4h TF.

We can see the last candle moving with good momentum and volume on the way up.


Support and Resistance levels for XBT

• Our next resistance is sitting at $3715 which is marked by EMA10 (green line).
  
• Our main target is ~$4900 which is marked by EMA50.
  
• Our next support is sitting at $3495, followed by $3370.
  

Chart analysis and signals by Alan Masters

• The RSI has been extremely oversold and now trending up after huge bullish divergence.
  
• The MACD is on the bearish side but showing bullish divergence as well.
  
• The price is bouncing after producing two Dojis candlesticks.
  
• Volume is increasing on average.
  
• A close below $3211 on this time frame would invalidate these signals.
  
• More details on chart.
  

I will keep this thread updated as the charts develop if needed. Hit LIKE if you would like updates on this post.

Thanks a lot for reading, your time is highly appreciated. If you enjoyed this article.

Alan Masters here...

Namaste.

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