Bitcoin Price May Break up Downtrend Line With Santa Rally Hype
There is great downtrend line on Bitcoin price chart coming from all time high. There is also great support line on Bitcoin price chart. They will cross each other until end of this year. If we see Santa Rally hype, Bitcoin price will break up this downtrend line.
Here you can see daily chart of Bitcoin price. Bitcoin price went up more than 10% from the botttom. It reversed up from 80K USD. After this reversing up, Bitcoin price stabled on 90K USD level. We may see this situation until Santa Rally Hype. If it happens, Bitcoin price will break up downtrend line with this hype. If not, we will see breaking down great support line.
Here you can see weekly chart of Bitcoin price and the indicators. RSI Indicator broke down uptrend line coming from the bottom of this bullish season. We should see the new bullish pattern on RSI Indicator. It is too early to see.
MACD Indicator is at the lowest level. It is possible to see weekly green candles on Bitcoin price chart. When we see weekly green candles, MACD Indicator will try to reverse up.
Fisher Indicator is at the bottom level. It is also close to reverse up. It needs only a few weeks to reverse up.
So, It is so possible to see more weekly green candles until the beginning of next year.
Lots of investors are waiting for Santa rally. Market maker can see this hype. So, market maker always makes fake moves. Even indicators and the chart of Bitcoin price shows us Santa rally, we may not see this rally.
We will see..
🎉 Congratulations!
Your post has been upvoted by the SteemX Team! 🚀
SteemX is a modern, user-friendly and powerful platform built for the Steem community.
🔗 Visit us: www.steemx.org
✅ Support our work — Vote for our witness: bountyking5
@chorock, excellent technical analysis on Bitcoin! The way you've highlighted the converging downtrend and support lines, pointing towards a potential breakout before year's end, is compelling. I appreciate the clear visuals of both the daily and weekly charts, and your insightful interpretations of the RSI, MACD, and Fisher indicators.
Your balanced perspective, acknowledging the potential for a "Santa Rally" while cautioning against market manipulation and "fake moves," is crucial for investors. This post offers real value to anyone following Bitcoin's movements.
What are your thoughts on how upcoming news events or regulatory changes might influence this predicted breakout, either positively or negatively? I'm eager to hear your further insights, and I'm sure others are too! Keep up the great work!