If somebody tells you to draw crypto charts with simple single lines and not areas of support and resistance, he is totally clueless. People that just moved here from stocks have no skin in the game. Cryptos are volatile and especially if you don't create your own indexes across exchanges, it is very hard to have a good picture just from one exchange.
Also remember, trading is simple, not easy. A few tools, good money management and patience, can lead you to success. Not 100 indicators and scenarios. Focus on what really matters.
Don't get caught up by people that talk too much and create many flashy lines, without even knowing the fundamentals of crypto. There are many that will misinform you on purpose, or they might simply think they know stuff, while they know nothing.
Now on what really matters here. Higher highs and higher lows, across all timeframes. All my major moving averages both on 1D and 4H are bullish. However we had a perfection sell setup on the 9 countdown indicator. It was combined very well near resistance area of 4350-4700$. In this area there is some resistance and you need to be careful. Breaking above 4350$ is the first step, above 4500$ the second and finaly 4700$. Above it there is almost none except the 4975$ ATH. All that is good, as long as 4200 holds. If that level breaks, 4000-4050 is next and then 3850-3900$, where we will probably have the final dump before attempting to break 5k.
Now about momentum. The RSI was oversold and shows some divergence near that condition, which is a bearish sign. If it breaks its 50EMA we could be going lower, faster. As long as it stays above, it can be oversold for days if not weeks.
Finally, there rest of the crypto's are showing weakness against btc. This could be the fuel for the next run, like what happened when we went from 3k to 4.5k. This is just food for thought though, as this has happened a few times in the past. However, due to the recent situation where most cryptos rally together, Bitcoin could be dragged down with the rest.
It's nice to see someone seeing clearly. It's obviously in an upward trend from when it got under 3000. Likely it will get close to the trend that that low and other lows on the 22nd and 24th set but unless it breaks those it ain't going down much.. Even if it does there will be strong resistance points that could just create a less steep upward trend. I think I would sell some if it breaks that trend significantly though.
still fighting to break 4400 ... what are your toughts
BitcoinMacro
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@joacorod1, There is resistance. Up until 4500. It looks like it is going to break. There is no going back. TA says up. FA says to the moon. Institutions are getting in guys. China's elite bought as much as they could cheap and they ain't selling now...
NEVERMIND1234
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@nottsy, thanks im waiting for that break
crodrigues
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@nottsy, No offense, because I enjoy your insight, but would you mind sticking to the TA unless you have sources to substantiate anything beyond that. I saw your exchange w/ goldbug and now seem to be doing the exact opposite in support of your position. Your points about him may be valid, but being hypocritical isn't.
BitcoinMacro
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@crodrigues, I am not sure what you mean. Where is my hypocrisy? Genuine question.
crodrigues
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@nottsy, you had accused him of injecting opinion, sentiment, and wishful thinking to convince newbies on what you believe is an incorrect idea. I do see some of this as a valid accusation, but suggesting insider knowledge of what "Chinese elites" are doing and/or some institutional positions in support of your idea is just as bad.