Bitcoin Technical Analysis, What is waiting for us this week?
Bitcoin was relatively quiet last week, and close to the week close to the market excited. Bitcoin, which started at $ 3980 (BITFINEX) next week, rose 5% after closing at $ 4180. H Let’s continue examining the technical events that have occurred in the amnesty.
Bitcoin had closed the previous week above L3 ($ 3900) . The sales pressure that came with the opening this week led to the L3 ($ 3900) downturn . However, on Tuesday, we see that the L3 ($ 3900) level is broken up again. After the breakdown, this level worked as a support throughout the week. When we arrive on Sunday, we see an upward movement with incoming purchases. With this movement T1 and T2I have updated my trends. When we look at the RSI indicator, we see that the value moves from the horizontal and starts to move upwards. On the volume side, we can say that the whole week has been weak. However, the bar on Sunday is higher than the week average. As a result of these developments, let us pass.
Bitcoin entered 2019 from $ 3800 . We hope that this is our lowest level this year. What position and what do we follow in the first week of 2019? As I mentioned in my previous analysis, we have followed the formation of TOBO formation which is the trend return formation in Bitcoin. In addition, we have drawn up the short-term rising channel by drawing and updating T1 and T2 trends. For the current situation, the formation of the right omu region for the TOBO formation is still continuing. $ 3680the right shoulder formation as long as the level is not broken down. As the formation of the right shoulder continues, I am positive that the RSI indicator is in the rising trend, as I mentioned in the first chart. However, if the right shoulder formation process is prolonged with maturity, it may be necessary to reassess the appearance. The important resistance zone of the TOBO formation is G ($ 4450) . With this level up, F ($ 4900) and E ($ 5400) levels will be raised for the medium term . We cannot know if the market maker moves the market in this direction. For this reason, it will be necessary to follow our support zones and keep our stoploss strategy active. L2 ($ 3600) if the market turns downlevel should be followed as important support zone. Because I believe that the sales pressure will increase below this level. This will pave the way for the retesting of the latest bottom area. When we come to the volume side, I can’t say I’m very pleased with the look. This is because there is no significant increase in volume with the upward movement. This gives us an idea that there is no serious demand in the market. Therefore, I think that one should be more careful in the market with low volume.
The information, comments and evaluations contained herein are not within the scope of Investment Consultancy (Date of analysis: 07.01.2019)