DrDovetail

Support vs Resistance Epic Showdown! 1wk Stochrsi vs 1wk 50ma

BITSTAMP:BTCUSD   Bitcoin
the 2 big players in that have been battling it out in the charts for the past couple weeks have been this strong weekly ascending trendline on the stochrsi as support and the weekly 50ma(in orange) as strong resistance. It has been a crazy battle one it looked like only a few days ago the weekly 50ma was going to win...but as we touched down on the stochrsi we saw yet another bounce to keep price action fighting the resistance of the 50 weekly and at least for now refusing to back down. If I had to pick a safe spot to try and sell any of my position this would be it with price action touching the underside of the 50week ma still as resistance. I would then put a stop loss auto buy a few pips above here around 5670. Bottom line is what we are looking for is a weekly candle to close above the 50 weekly ma until then probability slightly favors that it will be the stochrsi trendline that breaks first....pay no mind to the random lines just under the weekly 50ma...those are triangle patterns that only make sense on smaller timeframe charts. I may sell a little more here with a tight stoploss auto buy above but we still have over 3 days left in this weekly candle and I think its true direction isn't going to reveal itself just yet until closer to the weekly candle close. one thing to watch until we get closer to that weekly close is the greed fear indicator on bitcin if there is more greed by the time we close the candle we are likely going down...if theres more fear we may actually break above. Lastly, if we do close a weekly candle above the 50 week ma it will be very interesting but it is still not absolute confirmation that we will be continuing upward we always need to show patience and see how the follow up confirmation candle behaves as well as the volume before things are fully confirmed. As of right now though, this stochrsi trendline and the 50 weekly ma are definitely the 2 that are battling it out...we should see who wins by early next week if not sooner.
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