Bitcoin Forecast And Technical Analysis

0
184
Bitcoin Forecast And Technical Analysis

Hi Traders! Bitcoin forecast and technical analysis is here. As we do in every technical analysis post we are going to perform the multi-time frame analysis on Bitcoin. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available! Let’s start our analysis now from the weekly chart here.

Bitcoin W1(Weekly) Chart Analysis – Key Resistance Zone, Potential Bearish Divergence, Stochastic Oscillator, Volumes Indicator

On the weekly chart we have a key resistance zone that has formed based on the 100%(14631.55) fibonacci expansion level of the first wave and the 14,000 psychological level. The price which is moving higher has currently reached this key resistance zone. In addition to this we have a potential bearish divergence that has formed between the first high that has formed at 13810.82 and the second high that has formed at 13834.11 based on the MACD indicator. Looking at the Volumes indicator we could see that the volumes are dropping and also based on the Stochastic Oscillator we could see that the price has reached its extreme. We may consider these as evidences of bearish pressure.

Bitcoin Forecast And Technical Analysis

 

 

Bitcoin H4(4 Hours) Chart Analysis – Bearish Divergence, Stochastic Oscillator

Looking at the H4 chart we could see that the price has created a bearish divergence between the first high that has formed on 22nd October 2020 and the second current high that has formed on 28th October 2020 based on the MACD indicator, which we may consider as evidence of bearish pressure. Also based on the Stochastic Oscillator we could see that the price has reached its extreme and is moving lower, we may consider this as another evidence of bearish pressure. So based on all this I expect pullbacks to happen now and then the price to continue higher further.

Bitcoin Forecast And Technical Analysis

 

Technical Analysis & Forecast Summary

Bitcoin W1(Weekly) Chart Analysis 

  • Key Resistance Zone, Potential Bearish Divergence, Stochastic Oscillator, Volumes Indicator

Bitcoin H4(4 Hours) Chart Analysis 

  • Bearish Divergence, Stochastic Oscillator

 

For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report. 

This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course Live Trading Room every single day.

Bitcoin Forecast And Technical Analysis

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Yordan Kuzmanov
Chief Trader at the Traders Academy Club

Click To Join Our Community Telegram Group

Advertisement

How to Invest in Amazon

4 Advantages of Amazon Investing - Read More

  • Amazon’s net a bullish 450% 5-year gain
  • Amazon’s ROI is 6x’s the S&P 500 Index of 67%
  • AMZN shares may hit +$10,000 by mid-November 2024
  • Amazon’s growth since IPO tops more than 12,000%

Now is the time to invest in Amazon

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments