There's been a lot of flattening going on in the crypto charts, with Bitcoin leading the way. Having already surpassed it's own MA, EMA, and BB mid-line 3 times in the noted indicators and patterns, I believe it still has one more low before it breaks out in a post-correction.
In my opinion, the current increase is nothing more than a fake-out and it looks like the bulls are about to be trapped in a web of disappointment --tiny under-performing candles included. Playing around in the middle of the ring has not turned out to be a good sign twice before and what appears to be currently going on. Unless there are some long green candles that significantly close above all three of my noted indicators, I don't see Bitcoin avoiding a fall and retesting some previous supports.
Best to hang on to your hats and fiats in the meantime.
Comment
⋅
I'm thinking BTC will reach around $11 000 before it drops to $10 300 and makes the next big move from there.
The third red box has exceeded all of your moving averages, very dissimilar to the first two red boxes
SpectreX
⋅
@usablewifi, BTC hadn't fully broken out of the BB average (mahogany) line when I made the chart. In the first two red boxes, BTC exceeds all three moving averages slightly. In my opinion, that's what is going on right now too, it's simply just exceeding them somewhat before it dips back down. The current pattern is also less similar to the first two in that the MA and EMA were running much closer to the top of the top band, yet this time the top band is much further from reach. I am still convinced this is going to be a trap unless some long green candles get up and very clear from that mahogany line and closer to the top band.
Zakir-Ahmed
⋅
HEY..GOOD POINT..CAN U PLS DIFFEENTIATE BTWEEN MA AND EMA...I KNOW MA IS LONG INDICATION..BUT WHICH IS MORE GIVEN IMPORTANCE I DONT KNOW..ALSO 200 MA IS IMP WHY HAVENT U CONSIDERED...TQ...WHAT ABOUT BB..
SpectreX
⋅
@ghose12, The MA is in blue and the EMA is in pink. The exponential moving average is a more sensitive indicator to the price fluctuations in the way it handles the calculation compared to the simple moving average. They both give similar but somewhat different information. As to which is given more importance, I think it's better to just look at them both as they give somewhat different information. Not sure what you mean about "TQ." BB are the Bollinger Bands and there is lots of information about those but many traders swear by them when candles exceed certain markers. Just another tool to get a picture of things.
Zakir-Ahmed
⋅
@SpectreX, TQ means thank u..in short form...again thanks for reply..