I've been watching BTC for a while, yet I have not shared any of my ideas on it because I am still learning and unsure. I will however start with this one.
BTC seems to be having a very difficult time breaking out of it's downward trend and above the 200 EMA and a consequent fib level at 0.23. However, BTC has been showing a positive trend as of late and good media coverage seems to be encouraging this uptick.
I see a very strong bull flag forming on the 1h chart. I've been reading charts by others and most have predicted that BTC would come up to test the 200 EMA and then go back down to retest it's lower levels at the 6000 and some even have said the 5000 levels. I am not so sure this will happen anymore, even though I have some orders placed at these levels.
The 200 EMA from the 1d chart is indicated by the black line and fib level on this 1h chart.
RSI is looking very strong on the 1h! And slightly oversold on the 1d. The MACD has gotten above the 0 level on the 1h and looks like it might go in and reform another downward trend on the trend line I've drawn, but it is possible this bull flag signals buyers to buy and sellers to hold!
I think we will strongly test the 8700 level which has been a point of major resistance as of late. I am however, unsure if we will succeed in breaking through this level. If we do we might avoid a prolonged bear market. If we break above this level then we'll probably find a new level where we'll consolidate for a bit before making another other major swings up or down.
BTC is a complicated beast, and one which controls the market in general so there are many variables to take into account. I may have missed one or even more. Please leave a comment lets start a discussion, argue against me or for my vision! Lets get new ideas flowing!
This is not financial advice and I am not a financial advisor.
Best of luck.
X
BTC seems to be having a very difficult time breaking out of it's downward trend and above the 200 EMA and a consequent fib level at 0.23. However, BTC has been showing a positive trend as of late and good media coverage seems to be encouraging this uptick.
I see a very strong bull flag forming on the 1h chart. I've been reading charts by others and most have predicted that BTC would come up to test the 200 EMA and then go back down to retest it's lower levels at the 6000 and some even have said the 5000 levels. I am not so sure this will happen anymore, even though I have some orders placed at these levels.
The 200 EMA from the 1d chart is indicated by the black line and fib level on this 1h chart.
RSI is looking very strong on the 1h! And slightly oversold on the 1d. The MACD has gotten above the 0 level on the 1h and looks like it might go in and reform another downward trend on the trend line I've drawn, but it is possible this bull flag signals buyers to buy and sellers to hold!
I think we will strongly test the 8700 level which has been a point of major resistance as of late. I am however, unsure if we will succeed in breaking through this level. If we do we might avoid a prolonged bear market. If we break above this level then we'll probably find a new level where we'll consolidate for a bit before making another other major swings up or down.
BTC is a complicated beast, and one which controls the market in general so there are many variables to take into account. I may have missed one or even more. Please leave a comment lets start a discussion, argue against me or for my vision! Lets get new ideas flowing!
This is not financial advice and I am not a financial advisor.
Best of luck.
X