Quick possible prediction for BTC on the short term.
So at the moment some have bought whilst others are still waiting for a inversion, here's my take of the possible future:
— A bounce off the 200 EMA.
— An upper retest of the 50 and 21, with a quick a rebounce with a stronger movement for the downtrend.
My theory lies mostly on these indicator readings:
—The RSI having gone below the 50on the daily timeframes, whilst unable to break the descending trend
—Crossover of the MacD on the 3 days timeframe. with strong bearish diversion, crossing below the 0 line on the daily timeframe
—A candle close inside the Kumo cloud, suggesting a travel to the upper Kumo, testing the conversion line on the daily time-frame.
—Low support resistance on the 52.4k channel
—strong S/R on the 58k region
Think ping-pong, with one of the sides trying to Finish the game whilst the other one is tired. Given the whole market manipulation that occurs, , the idea of the psychological factor of projecting a fake distribution may justify all those bakkt futures betting on the shorting of the market. however since the support and resistance channels are fairly close, visually it looks like the closing of the formation of a giant "Head and shoulders" pattern, this idea can also be backed by the 100 EMA line on the daily timeframe which would support the second shoulder with the correct angle. and the rebound of the top should on the weaker S/R channel
This seems to be in confluence with the TOTAL3, BTC.D, even though it still has bit to go.
However not all is bad news, that quick pump may provide a fairly decent exit for those that are stuck on the last alts crash. or even provide a parabolic move with some solid profit to those holding coins that are holding their own. After that, well god knows, it may hold the 58k region or it may crash to the 30k area.
One thing is for sure, expect the ranging market in the altcoins to move soon as well as BTC with plenty of volatility.
Short term: Bullish
Long term: Bearish
As always ideas are welcome in the comments section
Disclaimer: This is not financial advice, it presents the projection of a possibility of the market movements, do your own research and attend your own risk management.
— A bounce off the 200 EMA.
— An upper retest of the 50 and 21, with a quick a rebounce with a stronger movement for the downtrend.
My theory lies mostly on these indicator readings:
—The RSI having gone below the 50on the daily timeframes, whilst unable to break the descending trend
—Crossover of the MacD on the 3 days timeframe. with strong bearish diversion, crossing below the 0 line on the daily timeframe
—A candle close inside the Kumo cloud, suggesting a travel to the upper Kumo, testing the conversion line on the daily time-frame.
—Low support resistance on the 52.4k channel
—strong S/R on the 58k region
Think ping-pong, with one of the sides trying to Finish the game whilst the other one is tired. Given the whole market manipulation that occurs, , the idea of the psychological factor of projecting a fake distribution may justify all those bakkt futures betting on the shorting of the market. however since the support and resistance channels are fairly close, visually it looks like the closing of the formation of a giant "Head and shoulders" pattern, this idea can also be backed by the 100 EMA line on the daily timeframe which would support the second shoulder with the correct angle. and the rebound of the top should on the weaker S/R channel
This seems to be in confluence with the TOTAL3, BTC.D, even though it still has bit to go.
However not all is bad news, that quick pump may provide a fairly decent exit for those that are stuck on the last alts crash. or even provide a parabolic move with some solid profit to those holding coins that are holding their own. After that, well god knows, it may hold the 58k region or it may crash to the 30k area.
One thing is for sure, expect the ranging market in the altcoins to move soon as well as BTC with plenty of volatility.
Short term: Bullish
Long term: Bearish
As always ideas are welcome in the comments section
Disclaimer: This is not financial advice, it presents the projection of a possibility of the market movements, do your own research and attend your own risk management.