Popular crypto trader Nick discusses the recent price action of Bitcoin (BTC) in a recent video analysis, highlighting a bearish outlook based on technical indicators and the potential for a death cross on the daily chart. However, he also mentions the possibility of a golden cross on the weekly chart in the future.
Technical Analysis
On the hourly chart, Nick identifies an expanding megaphone pattern and key support and resistance levels around $26,000. He discusses the potential for both an upward breakout and a downward breakdown in Bitcoin’s price.
On the daily chart, Nick highlights bearish indicators, including being below the daily 50 EMA, 200 EMA, and the possibility of a death cross (50 EMA crossing below 200 EMA). He also mentions decreasing volumes on the way up, overbought stochastic RSI, and resistance on the RSI. He notes the presence of a bullish divergence but suggests that it may have played out already.
On the weekly chart, Nick discusses the ongoing battle between bulls and bears around the 50 EMA and the 200 EMA. He anticipates a potential golden cross on the weekly chart in the future but suggests a bearish short-term outlook.
Conclusion
Nick’s overall outlook for Bitcoin is bearish in the short term, but he also acknowledges the possibility of a breakout and a golden cross on the weekly chart in the future. He suggests that traders watch the key support and resistance levels he has identified on the hourly, daily, and weekly timeframes.
Factors to Consider
It is important to note that this analysis is based on technical indicators and should not be considered financial advice. Investors should always do their own research before making any investment decisions.
Additionally, it is important to consider other factors that may impact Bitcoin’s price, such as news events, macroeconomic conditions, and regulatory developments.
