Appears in the short term we are going to be short until about the 7600 (61% retracement) - 7200 (lower triangle boundary) range. After that we should bounce due to very bullish market sentiment to retest the current resistance highlighted in dark red around the 9500 - 10000 range. The reason I have a range for the buy and sell area is because of the tendency of buyers and sellers to get in or out of the market early once a range has been set, which is why we are forming a symmetrical triangle, at the same time we are forming an inverse head and shoulders.
On the down side we do currently have the 200 MA acting as resistance and a bearish flag present that I would believe would signal us to go down and reach 7600-7200 level before we end up going long and retesting our primary resistance level. After that, the daily chart RSI would be reset and ready for a great run, possibly beyond the current resistance level of 9500-10000 range and closer to our target of $16,000.00. If we don't break the resistance soon we may dive back into another bear market (or be stuck in accumulation/consolidation period for another month or two....) but I doubt that is likely ... but anything can happen and we will leave it up to the market to decide.
Please comment/critique, like, or subscribe!!! Much appreciated !
On the down side we do currently have the 200 MA acting as resistance and a bearish flag present that I would believe would signal us to go down and reach 7600-7200 level before we end up going long and retesting our primary resistance level. After that, the daily chart RSI would be reset and ready for a great run, possibly beyond the current resistance level of 9500-10000 range and closer to our target of $16,000.00. If we don't break the resistance soon we may dive back into another bear market (or be stuck in accumulation/consolidation period for another month or two....) but I doubt that is likely ... but anything can happen and we will leave it up to the market to decide.
Please comment/critique, like, or subscribe!!! Much appreciated !
Comment:
Every time BTC/USD touches the 200 MA it goes straight down and hits our very solid buy area, but every time it hits the buy area you can see by the blue dashed line that there is a buying trend going upward since buyers are anxiously anticipating getting back into the market to make some $$$....
Every time BTC/USD touches the 200 MA it goes straight down and hits our very solid buy area, but every time it hits the buy area you can see by the blue dashed line that there is a buying trend going upward since buyers are anxiously anticipating getting back into the market to make some $$$....
Comment:
Drop to 7600 seems more and more likely.
Drop to 7600 seems more and more likely.
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Still very likely to drop further. Not that I am counting on it, but still seems very likely.
Still very likely to drop further. Not that I am counting on it, but still seems very likely.
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Very slowly making our way down closer to the 61% retracement or 7600 line. Could drop lower but I highly doubt past 7000.
Very slowly making our way down closer to the 61% retracement or 7600 line. Could drop lower but I highly doubt past 7000.
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Comment:
Still in a grey area of consildation here, still looks like we are going to go down, unless we get past 8500 I would still be bearish on this trade.
Still in a grey area of consildation here, still looks like we are going to go down, unless we get past 8500 I would still be bearish on this trade.
Comment:
Looks like we have turned bullish again for BTC and also not we are still within our reverse head and shoulder trending upwards. Be on the look out for heavy fomo volume in the next day or two.
Looks like we have turned bullish again for BTC and also not we are still within our reverse head and shoulder trending upwards. Be on the look out for heavy fomo volume in the next day or two.
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Still headed back to our target zone of 7600-7200.
Still headed back to our target zone of 7600-7200.
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Just remember, the market rallied for about a month....it's obvious we can retrace and consolidate a few weeks before another rally. If we have a bear rally that continues for over a month (highly doubtful) then it would be time to start worrying. Before then, I personally expect BTC to rebound and trend upwards within the next few days to a week from now along with other alt coins.
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Finally the day has come where we have reached the green. Could always go down further but I believe we should bounce around this area, or at least still go sideways, I would watch very closely from here :D
Finally the day has come where we have reached the green. Could always go down further but I believe we should bounce around this area, or at least still go sideways, I would watch very closely from here :D
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Comment:
Looks like bottom came in already since we hit around the 7200 range a few hours ago. But can still be a little choppy before heading back up, which I am pretty confident it will.
Looks like bottom came in already since we hit around the 7200 range a few hours ago. But can still be a little choppy before heading back up, which I am pretty confident it will.
Comment:
Looks like we have hit bottom and are bouncing upward as indicated by huge buying volume. Still some ways to go and at this point not extremely certain at bottom but it looks like a great start.
Looks like we have hit bottom and are bouncing upward as indicated by huge buying volume. Still some ways to go and at this point not extremely certain at bottom but it looks like a great start.
A closer look at the beast.