Bitcoin has completed a full month of trading inside a 1D Channel Down. Despite the negative trend (MACD = -44.200, B/BP = -111.1780), it does show signs of stability on the nearly neutral RSI = 43.832 and Highs/Lows = 0.0000 although it is closer to a Lower Low than a Lower High. Purely from a technical standpoint, the short term trend remains bearish currently supported at 3,400 but also restricted below 3,800 by the inner upper trend line (red dashed line). That is why we expect a bounce at 3,450 followed by a High at 3,750. The greater Channel still "owes" a solid Lower High around 3,900 - 3,950 but the inner upper trend line (red dashed line) has to break first.
When analyzing the BTC/XAU ratio, I noticed that the Bitcoin price is very likely set to reach 0.5 BTC per ounce of gold around the end of May. In my opinion, this trend is more evident on the Gold (BTC/XAU) chart than on the "classic" BTC/USD chart. Check out my recent idea for more details
vibrate
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I wonder if the market saw that sharp spike down to $3460 as the bounce, so it was already happening at the time of this post?
UnknownUnicorn1626565
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Fractal, all here! Making loot!
UnknownUnicorn1626565
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Boon2
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
KingCharts
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Cryptonite_trader
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Nice. This is how im looking at it
asgcorp
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Can you spell gains? WAVESBTC, click play. Recommended setup on buy side since 2nd Nov 2018. 100+% gains since.
InvestingScope
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@niceryders, Thanks for sharing but what does that have to do with our BTC trading plan?
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