CryptoJosh2018

Bitcoin in Limbo, waiting for a move.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey guys, im new to trading view so please leave a thumbs up so i can boost my rating. Also leave a comment down below, because opinions and counter arguments are always welcomed.

Now on to the chart. . .

Currently we are creating a descending wedge as you can see ive pointed out on the charts. This normally would produce a move to the upside, but in a bear market we will see the wedge break downwards. The MACD is showing imminent sign for a bullish crossover, but it has not yet crossed, which could easily reverse if we were to have a selloff. The RSI is still below 50 but almost at 50, which could mean we are resetting and prepping to go oversold once more, which i foresee happening in the near future. If the $3500 range does hold we will be making a higher low, which could be a good sign and an indication we make see a bull rally sooner than later, but i think in the coming days or week we will know, where we are headed. Look on for fundamental analysis .

So far since the peak we had in December, the Bitcoin chart seems to tell us one thing, the bears are still in control. Sure we may make some lower highs off of some bull rallies, but nothing significant enough to take us to new ATH's. As most of us can tell, we look to be going for a double bottom test of the low at around $3100 range as we are currently in the $3500~ range. While the $3100 range did manage to hold and we saw a nice rally upwards giving some hope, it seems that many were waiting to sell, which drove us headed back into the abyss. With low volume on the charts its expected to see a large move to either the up or downside, but since we are still in a bear market i'm expecting more downside.

There was news recently that the CBOE removed ETF proposal that would normally be a bearish sign causing for a dump in BTC , but the market seemed to be unaffected, so that could be a sign that there are no more sellers left or that retail investors are drying up, all in all I do expect we will be dropping regardless of the fact.

I do not see the market being able to hold $3100 range as i believe there just isn't enough support to hold us if we do test that range once more and that we can see a reversal around the $2750 range before continuing. While we seem to be in accumulation phase, i believe the market is just undecided on which way it wants to go and we have many sitting on the sidelines waiting for confirmation. I do also see a scenario where we remain in a range of between $1800-$3000 if and when we drop below $3k.

This is not financial advice, this is speculation and my opinion. Only to be used for educational purposes. Let me know what you think i left out and leave a chart or link below.

Comments