Looking for more to watch? https://youtu.be/M3bOE3QDnRQ Tradespotting's Risk Management Intro.

Here I am back with another daily Bitcoin Technical Analysis video to help clear away some of the fog of war.

Bitcoin Technical Analysis Today.

We might have to retest our 236 fib retrace. We might not, but there is a gap on the GBTC which could get filled. Not necessarily but it could.

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Could this potentially be the bottom? There are things to be on the look out for to the downside, yes, but today's video takes a look at a reliable harmonics pattern, the Gartley, and asks if the 3 day chart shows a bullish one with an ultimate target of $14k Since the drop in prices on Thursday the 12th of March the price of Bitcoin (BTC/USD) has risen back into correction territory. Having risen up from he low prices of $3983 on Bitfinex to the 236 Retracement line at $5490.


On the daily time frame the RSI is out of the extremely bearish over sold territory and back inside the bearish control zone.


The stochastics are testing the 20 level, looking to make it back towards more neutral territory.


The MACD has continued to extend to the downside on the histogram but that is as you'd expect following such dramatic price movements.


The DMI continues to show the trend as to the down side but we're seeing the DI- start to get pulled towards the ADX and maybe this is the beginnings of some health returning to the market.


On the other hand, its also very much true to say that all those indicators show nothing more than a correction against a huge downward move and everything remains very much bearish until such times as the prices start to climb back up. The first port of call will be closing the daily above the 236 fib.


On the four hour time frame we can see that the DMI has lost its luster and the DI- is now way below the ADX while the DI+ remains flat, should they start converging it may be our first signs of positivity. They're not so much converging now as stopping diverging.


The stochastics are trending to the upside with what could potentially be bullish divergence. The divergence not showing on the RSI or MACD, but they're looking more positive than they were during the decline.


To zoom right into the micro on the 1hr time frame the DMI looks like it could be on the cusp of turning around, all the lines are very tight. The consolidation prevents detailed analysis of divergence however the RSI appears to be testing the neutral line and trying to make its way out of the bearish control zone and the Stochastics are pointing up towards the middle line with the potential to begin to move upwards again. Should all of this happen then a potential breakout on the one hour of as much as $2k is possible, with the upper side targets laid out clearly with the Fib Retracement Tool and the lower side targets also fairly clear as it touches the horizontal lines of support at the bottom of the bear cycle in 2018 around 3400, either target is fairly likely given the volatility we've seen and moves of 35% becoming common place.


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The following indicators are used in today's video:
Exponential Moving Averages:
Yellow Solid Line = 21
Green Solid Line = 55
Cyan Solid Line = 144
Purple Solid Line = 233


Simple Moving Averages:
Red Dotted Line = 55,
White Dotted Line = 233


Oscillators:
RSI + Ema,
Stochastics
MACD




I don’t really like to over complicate trading, there is enough to be confused about before you get stuck into a million different indicators and oscillators. In today’s video we look at the Bitcoin Price, find some support we can rely on enough to manage risk and take a look at potential targets.


This is not financial advice. I am not a financial adviser.


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Thanks to YouTube for the audio / music in this episode.


Thanks for joining me for this episode of Bitcoin Technical Analysis.


All the best Rocky Outcrop #Bitcoin #BTC #Trading #ByBit Donate with BTC: 1Ekw5XXTaUnjvpSnxewPxpz4U9HVGzvYa6 Follow me on Twitter - @Rich_C The video background used in today's video was courtesy of the creative commons licence from https://vimeo.com/168761372 Christian Felber - MIGN


As ever check out Tradespotting for tips on using tradingview - well worth a watch - https://www.youtube.com/channel/UCI24I7XHA2yY4Fs-pVmplpA Thanks for the background - here's the attribution link - it was a creative commons video - check it out here https://vimeo.com/404110730 - Cheers to Marius Dorus