Today I am going to go over the monthly , weekly and daily charts for Bitcoin.
1 Month Chart
- This chart shows a Fibonacci Retracement using the most extreme points.
- Using $0 to $20,0000 as the most extreme points it shows that $5,000 is our support and we have not touched it in a very long time showing support.
- The range for this fibbonachi zone is $5000-$7500
1 Week Chart
The 1 Week chart shows that we became over bought on the RSI around April 2017 and January 2018. It became oversold around July 2018 through November 2018.
3 Day Chart
- This chart shows that we have held support over the last few months. Even though we have had a lot of time at the bottom of this range we have not yet broken support.
- Once we break out of $6500 I see a pump to at least $7100
This is clear consolidation. I see no reason to short this market.
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