This is a chart of the 3D timeframe, within it is all you need to know.
It will show you where we are, why we are there, where support is and where resistance is. You can also see some future scenarios that might come into play. Keep this chart for reference, here you can clearly see that we are currently on a secondary trend which is going down, but the primary trend is going up (we are in a Bull market.)
For now, let's look at the yellow rectangle. Inside it you can see that 5 important lines are converging, which is what is needed to make a good set up. You have the 61.8% fibo, months-long support (green line), the trendline (the fuchsia line coming down) the 100MA in blue and the 200MA in white. This tells you that there is a lot of support in that area and that BTC will have a hard time going under that support area.
What are some of the signs that point toward another drop to the area you see in the rectangle?
Take a look on the chart below (the 1D) shows a pending death cross that if BTC price does go above 9k in the next few days it will happen. Since money is not coming in and volume is not going up then the price of BTC will drop. You should already be 25% in alts in case of a violent move up. However, let's hope for that last drop so we can reach the optimal buy zone and then get a lot of buyers pouring in a lot of capital.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
It will show you where we are, why we are there, where support is and where resistance is. You can also see some future scenarios that might come into play. Keep this chart for reference, here you can clearly see that we are currently on a secondary trend which is going down, but the primary trend is going up (we are in a Bull market.)
For now, let's look at the yellow rectangle. Inside it you can see that 5 important lines are converging, which is what is needed to make a good set up. You have the 61.8% fibo, months-long support (green line), the trendline (the fuchsia line coming down) the 100MA in blue and the 200MA in white. This tells you that there is a lot of support in that area and that BTC will have a hard time going under that support area.
What are some of the signs that point toward another drop to the area you see in the rectangle?
Take a look on the chart below (the 1D) shows a pending death cross that if BTC price does go above 9k in the next few days it will happen. Since money is not coming in and volume is not going up then the price of BTC will drop. You should already be 25% in alts in case of a violent move up. However, let's hope for that last drop so we can reach the optimal buy zone and then get a lot of buyers pouring in a lot of capital.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
