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BTC Important Levels to Watch

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             broke out of a strong downtrend line and is attempting to start a breakout. However, it still has to break out of the ascending triangle and the 11.7k resistance level within the next day or so. If it does, Bitcoin             could see a pump to the 13k             region or more. If it does not, Bitcoin             will likely test the 10.8k region and likely the 9k region.

Now, let's take a look at the big picture to see how the short term price action will affect the big picture.


(Weekly) The RSI is approaching a key support level around 53 that has always held since the Bitcoin             hype started a year and a half ago. The MACD is close to crossover, but in the past, the MACD always leveled off and the bearish crossover has never happened. Based off a key trend line , BTC             has strong support in the 9k-ish region.

The weekly chart is indicating that Bitcoin             has found strong support, and the correction phase is almost over. However, it'll extremely bad if Bitcoin             tumbles below 8.5k and breaks 50 RSI , breaks the trend line , experiences a crossover. If that happens, key support levels are broken, and it could mean that this correction will be different from previous corrections.



On the daily chart , it seems that Bitcoin             is not quite done correcting. In the past, Bitcoin             has bounced off the 30 RSI level during corrections, and it could easily test that level again. In addition, a falling wedge is forming, and Bitcoin             may see another touch on the lower support line. On the bright side, the MACD is close to a crossover.


The 4 hour chart isn't looking so great either. Bitcoin             has some strong resistance in the 11.7k to 15k             area. A price spike upwards could easily be a bull trap. The RSI is wedging; a break below the support line will send the price tumbling towards 10 or 9k, and break above will likely sustain a short-term up trend. However, the MACD is bullish as a key resistance level is broken and has found a strong support line.

The 1 week MACD bearish crossover has occurred. The 1W ~53% RSI trend line has been tested and is starting to look like it may break through.

However, the 1 day RSI resistance has been broken and now may act as support.

thoughts?
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nice. good to see so many trend lines assessed in one post. Glad someone else is looking at the RSI supports and resistances. THe 4hr RSI triangle is now broken. My 4hr RSI is set slightly higher which it bounced off nicely and is heading toward the 70% after which I see a sustained drop to 30% will possibly occur, pulling BTC back toward the 1day 30% RSI.

The last MACD 4hr crossover didn't last long and I don;t hold much hope for this one.

Still waiting on the bull trap, but am getting nervous.
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