Looking at BTC on the weekly chart
* RSI very heavily oversold
* Willy at the -50 line. From here we need to decide weather we are a bull or a bear, break above or below will determine this
* Histogram is still in convergence and still looking great on the Weekly. (The daily histogram has broken to new lows)
* OBV has crossed bearishly
* Bears are in control of volume
* In blue we have a trendline that is holding
* Price right now holding the weekly 200ma
* Doing a fib from the bottom of the range to the top, price has come down to the .886 fib and previous market structure breakout level.
* In green is previous support
* Bottom of that long wick @ $4000 sits the POC
* An AB=CD in yellow shows us a price objective at $3180
* Big hole in VPVR that needs filling
* 70 days till halving
So what to do with all this information?
In technical terms: The indicators are showing us some conflicting messages because of this sudden drop. RSI is oversold but Willy is still in now mans land, histogram is still looking good and OBV has crossed bearishly. Technically if you are trading the weekly you need more indicators to line up for a bullish signal. Be patient.
My personal opinion: This will take some time to play out. Price has V bottomed and left a nasty tail which tells me that we will have to eventually re visit this area again. Lower you say? More than likely. Don't be surprised if we have to come back and visit the low of 3k. Considering we have 70 days till the BTC halving id like to see a nice big W in consolidation for a move higher. Also to take into consideration is the COP of BTC. Looking on the daily, most of the indicators are heavily oversold. Histogram has made a lower low, RSI is very oversold and Willy is stupid. Currently the blue trendline is holding price. Over all I want to see some market structure ie a nice W in price to tell me that the floor is in. Right now if you want to be long BTC you are playing with fire, patience is key.
* RSI very heavily oversold
* Willy at the -50 line. From here we need to decide weather we are a bull or a bear, break above or below will determine this
* Histogram is still in convergence and still looking great on the Weekly. (The daily histogram has broken to new lows)
* OBV has crossed bearishly
* Bears are in control of volume
* In blue we have a trendline that is holding
* Price right now holding the weekly 200ma
* Doing a fib from the bottom of the range to the top, price has come down to the .886 fib and previous market structure breakout level.
* In green is previous support
* Bottom of that long wick @ $4000 sits the POC
* An AB=CD in yellow shows us a price objective at $3180
* Big hole in VPVR that needs filling
* 70 days till halving
So what to do with all this information?
In technical terms: The indicators are showing us some conflicting messages because of this sudden drop. RSI is oversold but Willy is still in now mans land, histogram is still looking good and OBV has crossed bearishly. Technically if you are trading the weekly you need more indicators to line up for a bullish signal. Be patient.
My personal opinion: This will take some time to play out. Price has V bottomed and left a nasty tail which tells me that we will have to eventually re visit this area again. Lower you say? More than likely. Don't be surprised if we have to come back and visit the low of 3k. Considering we have 70 days till the BTC halving id like to see a nice big W in consolidation for a move higher. Also to take into consideration is the COP of BTC. Looking on the daily, most of the indicators are heavily oversold. Histogram has made a lower low, RSI is very oversold and Willy is stupid. Currently the blue trendline is holding price. Over all I want to see some market structure ie a nice W in price to tell me that the floor is in. Right now if you want to be long BTC you are playing with fire, patience is key.
Comment:
Comment:
Comment:
Comment:
Like I predicted it back in June 2019
Trade active: