Ok. Now we are in a situation that I mentioned at previous post. This point will be a big turning point. If BTC price failed to rise up, we are going into a long dark age. Whatever, it seems to me that the price is likely to go higher. In this analysis, I focused to the volume changes and RSI trend.
Summary
[DATA : BTCUSD 30min, virtual RSI trend line(4 hour), virtual need supported line(reference EMA(400)), virtual EMA(400) line]
#1. In view of candle/4hour chart, I can draw a line for the trend that the RSI moving(blue line in the RSI section). RSI moving is always have a cycle, and I think we are near in the end of one cycle. If a cycle being ended, the new cycle more likely bring a contrary trend. While the switch in this cycle does not guarantee the price increase amount, but we can expect that there will be such a move.
#2. I can observe a small head&shoulder pattern in candle/30min chart. The change in volume in the head & shoulder pattern is an important point, and we can observe the prominent volume spikes in recent price pathway. In this perspective, we can expect that the 'right shoulder' will appear.
#3. With (#1) and (#2), I predict that price increases will happen soon. But, this price increase will not be high. The 'need supported line' we previously used as a support line will now work as a resistance line. Based on these analyzes above, I present two possible scenarios below.
#### S1. A Flat Moving
This scenario is my primary opinion. Given recent trends and buyers' buying trends, prices will can not breach the resistance line quickly. It may be a bit boring, but it will take a while to get the price going over the resistance line.
#### S2. Price Explosion
One thing to be sure that this scenario is going to work is that a sufficient amount of BTC has already prepared for the rise. It means that he (who wants to sell BTC at a high price) has finished collecting the BTCs. And in this case a powerful volume will appear and the price breach the resistance line very rapidly(massive volume support).
- If you get any help from this posting, press 'UPVOTE'!
WARNING! The comment below by @lichy leads to a known phishing site that could steal your account.
Do not open links from users you do not trust. Do not provide your private keys to any third party websites.
Coins mentioned in post: