BTC in the coming weeks, part 2: What supports are important
The follow up chart on yesterdays chart, zoomed out a bit, to understand the important supports at play here, and why the MA200 is not the support to look at, as the strongest possible support.
We see that the probable future MA200, is quite far above the squareroot-trend. A trend, which has stood since 2010, and has been tested again and again. There is no stronger support in BTC than this one.
We see that the MA200 is too far above this support. This means that the MA200 moving average is too fast, BTC has gotten a bit slower.
The MA300 on the other hand, will be in a few weeks to months EXACTLY at the Sqrt support! Those two supports will actually be exactly at the same price in the next months !!! At around 2400-2500 USD.
This is extremely important! I don't think that BTC will be able to penetrate this support, and close below. Even if it would drop to say 1900-2200 USD, which would be below, the weekly candle would bounce
back dramatically and close at least at MA300 and Sqrt support, so around 2400-2500 USD.
I think this will form the new accumulation floor in the period before the next halving, say until mid 2020 at the latest.
In anticipation of the halving, we'll probably slowly start rising before that, in early 2020 is my estimate.
I am long until the weekly in BTC is on overbought, so till the mid 4000s.
The weekly RSI also has to come up before the next drop, it was very oversold.>
When BTC hits the logarithmic resistance, I will go short.
The coming months will represent a huge opportunity, so good luck to everyone!
We see that the probable future MA200, is quite far above the squareroot-trend. A trend, which has stood since 2010, and has been tested again and again. There is no stronger support in BTC than this one.
We see that the MA200 is too far above this support. This means that the MA200 moving average is too fast, BTC has gotten a bit slower.
The MA300 on the other hand, will be in a few weeks to months EXACTLY at the Sqrt support! Those two supports will actually be exactly at the same price in the next months !!! At around 2400-2500 USD.
This is extremely important! I don't think that BTC will be able to penetrate this support, and close below. Even if it would drop to say 1900-2200 USD, which would be below, the weekly candle would bounce
back dramatically and close at least at MA300 and Sqrt support, so around 2400-2500 USD.
I think this will form the new accumulation floor in the period before the next halving, say until mid 2020 at the latest.
In anticipation of the halving, we'll probably slowly start rising before that, in early 2020 is my estimate.
I am long until the weekly in BTC is on overbought, so till the mid 4000s.
The weekly RSI also has to come up before the next drop, it was very oversold.>
When BTC hits the logarithmic resistance, I will go short.
The coming months will represent a huge opportunity, so good luck to everyone!
It's like a 2-3% move, and then nothing for days. Very low volume, typical for bearmarkets. But a stronger move will have to come at some point during the next weeks.