# Get Ready to Buy the Bitcoin Dip

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Last modified: 2021-04-08

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By Shayne Heffernan · 2021-04-08
Tags: Shayne Heffernan on Investments, Headline News, Shayne Heffernan, Crypto, Opinion, Shayne Heffernan, Bitcoin, MetaStock, Todays Trade Ideas, Knightsbridge Insights
Signed: no (published before platform launch).
Nothing in this article is investment advice.

Our Candlestick Analysis of Bitcoin

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A black body occurred (because prices closed lower than they opened).

During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

A **spinning top **occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). 

![What Does a Spinning Top Candlestick Pattern Mean? | ThinkMarkets | UK](https://livetradingnews-media.nyc3.digitaloceanspaces.com/wp/placeholder.svg)

During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

## **Technical Outlook**
**Short Term: Overbought**
**Intermediate Term: Bullish**
**Long Term: Bullish**

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 72.3740. This is not an overbought or oversold reading. The last signal was a sell 6 period(s) ago.

![](https://livetradingnews-media.nyc3.digitaloceanspaces.com/wp/placeholder.svg)

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 69.25. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 82. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 24 period(s) ago.

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