Bitcoin (BTC): Price At Major Resistance Zone / RSI is Stable

21 Okt 2024

Bitcoin on a weekly timeframe has reached the major resistance zone.

While Bitcoin is at that zone and we are looking for some major moves to happen soon (downward movement), we have one slight concern here, the RSI.

RSI is stable while marketprice is near ATH zone (where previously when price was near this zone we were in overbought zone with RSI), so our gameplan is next: We want to see a possible quick liquidity grab to upper zones and then a sharp rejection where sellers will dominate every zone on the way down!

Swallow Team

21 Okt 2024

Catatan

Bitcoin made a big volume breakout from smaller resistance, where on a new weekly open we are seeing some kind of weakness kicking in (after a test of the major resistance zone near ATH).

Ideally we should see some hovering near current zone and then a nice rejection which would put the price back below that blue zone of re-test.

22 Okt 2024

Catatan

Bitcoin has had a nice rejection near upper resistance zone, where price is now heading back for a re-test of local broken zone (yellowish zone).

We are looking to see failed re-test and price to break that zone again where sellers should take dominance at that lvl.

If we see it, a great downward movement can start, so let's wait a little bit more 👀

23 Okt 2024

Catatan

Bitcoin is still showing us further weakness here while slowly moving toward the major zone of re-test.

As we approach this zone, we are looking to see there full scale breakdown, which would initiate a further movement to lower zones (possibly to our target areas).

24 Okt 2024

Catatan

While we were looking for a re-test of a broken zone, we saw that we had some kind of re-test (but very weak and small), while buyers started to take back control near this zone.

Yes, we had a re-test but this was not quite the one we were looking for so while we are approaching the end of the week, we are looking for another test and a breakdown from there as well.

If we fail to see a re-test again, then most likely we will be testing higher zones (major resistance on a bigger timeframe).

25 Okt 2024

Catatan

Bitcoin made a smaller push here after that weak re-test we had yesterday.

Our gameplan has not changed and we are looking for further movement to lower zones here (after a successful break near re-test zone).

While we wait, we see that sellers are showing their dominance each time bulls try to break and form Break of Structures on smaller timeframe, so we wait 👀