Hi there you all,
Finally i've got some time to make a description on this chart. The Bitcoin market price has been dropping this weekend. After the 442 line was broken the panic broke loose. This was just a technical resistance that's been broken and there was no fundamental reason for the price to go down. Because there are so much smart people and technical analysts BTC the all react at the same time. Lost of people got scared and the price went down below the resistance of 542USD to 390USD in a very short timescale. The for now the price tends to get stuck at 400USD/2540CNY.
Now lets go back to the chart. Because I really liked the gann fann that I used the last time I used it again this time. It seems to work out. For now we are stuck between 2/1 and 1/1 and we go more sideways/bit down in the coming days.
Take a look @ the RSI. The RSI follows the same patten. For now we have a few days/2 weeks of downwards movement before we have made enough momentum to go up to the 60's again. The beu dotted line I drew shows us the downwards movement. In my opinion the upwards movement is going to start around 10-03.
The red lines I drew are strong resistance lines. The points were they cross are very strong resistance points. Around the beginning of November we will see this stronger resistance point again. This will also be a good point to watch if this one will be broken we will go down some more.
To start the rally we must cross above this orange dotted trend line but first we need to break above the 2/1 again. From there i'll make a new analysis to confirm were we will go.
Watch the orange dotted trend line very good. If this line will be broken we have to short and calculate the new resistance point again. For now it looks like 360USD will be a good new resistance point. From there we have to see again and consider out strategie.
I hope this will help you further :)
Form you own opinion and have good day!!
Finally i've got some time to make a description on this chart. The Bitcoin market price has been dropping this weekend. After the 442 line was broken the panic broke loose. This was just a technical resistance that's been broken and there was no fundamental reason for the price to go down. Because there are so much smart people and technical analysts BTC the all react at the same time. Lost of people got scared and the price went down below the resistance of 542USD to 390USD in a very short timescale. The for now the price tends to get stuck at 400USD/2540CNY.
Now lets go back to the chart. Because I really liked the gann fann that I used the last time I used it again this time. It seems to work out. For now we are stuck between 2/1 and 1/1 and we go more sideways/bit down in the coming days.
Take a look @ the RSI. The RSI follows the same patten. For now we have a few days/2 weeks of downwards movement before we have made enough momentum to go up to the 60's again. The beu dotted line I drew shows us the downwards movement. In my opinion the upwards movement is going to start around 10-03.
The red lines I drew are strong resistance lines. The points were they cross are very strong resistance points. Around the beginning of November we will see this stronger resistance point again. This will also be a good point to watch if this one will be broken we will go down some more.
To start the rally we must cross above this orange dotted trend line but first we need to break above the 2/1 again. From there i'll make a new analysis to confirm were we will go.
Watch the orange dotted trend line very good. If this line will be broken we have to short and calculate the new resistance point again. For now it looks like 360USD will be a good new resistance point. From there we have to see again and consider out strategie.
I hope this will help you further :)
Form you own opinion and have good day!!
