Hey guys how's everyone. Just a short analysis for BTC here as I do think BTC looks ready for a big move. This move can be BULLISH or BEARISH. The key he\re is not to jump the gun and have patience.
Notice the RSI bounced above 50 which is a BULLISH signal. There is still a lot of potential for it to drop under so watch closely.
I say this all the time but "A stop-loss order will save your portfolio." Minimize risk!
IMPORTANT!- Notice there is quite a big Inverse Head & Shoulders pattern which formed on the chart and I'm sure many people are talking about it or will be soon. Always wait for a H&S pattern to confirm. Wait until the right shoulder breaks above/below the neckline, USUALLY there's a retest of the neckline before moving towards the price target. Best time to buy is on the bounce AFTER the retest. (NOTE: The retest CAN FAIL and usually leads to a big move in the other direction.
MACD is at an important area . There's a good chance for a bigger move soon. (DONT FORGET: This is a DAILY timeframe chart so when I say "soon" I mean within the next week. The path lines on the chart take place over a period of 1-2 months)
NOTE: USUALLY the price of BTC drops a little bit about a week before CME futures contracts expire (The last Friday of the month). STATISTICALLY, BTC USUALLY DROPS around that time each month. This month, the last Friday is the 25th, which is like 8 days away.
The rest of the chart is pretty simple and straight forward. The GREEN, ORANGE, and RED lines represent the different potential paths BTC could take over the next month or two IMO.
Thanks guys. Please LIKE, SHARE, and FOLLOW. I appreciate it a lot. Will post updates along with this as usual.
Ill leave the link to a recent BTC chart I published which I think BTC is following well.
*** As always this is not financial advice. This is an IDEA based off of MY research and experience. I always encourage anyone to do very thorough research before Investing or trading anything.***
______UPDATES BELOW______
Notice the RSI bounced above 50 which is a BULLISH signal. There is still a lot of potential for it to drop under so watch closely.
I say this all the time but "A stop-loss order will save your portfolio." Minimize risk!
IMPORTANT!- Notice there is quite a big Inverse Head & Shoulders pattern which formed on the chart and I'm sure many people are talking about it or will be soon. Always wait for a H&S pattern to confirm. Wait until the right shoulder breaks above/below the neckline, USUALLY there's a retest of the neckline before moving towards the price target. Best time to buy is on the bounce AFTER the retest. (NOTE: The retest CAN FAIL and usually leads to a big move in the other direction.
MACD is at an important area . There's a good chance for a bigger move soon. (DONT FORGET: This is a DAILY timeframe chart so when I say "soon" I mean within the next week. The path lines on the chart take place over a period of 1-2 months)
NOTE: USUALLY the price of BTC drops a little bit about a week before CME futures contracts expire (The last Friday of the month). STATISTICALLY, BTC USUALLY DROPS around that time each month. This month, the last Friday is the 25th, which is like 8 days away.
The rest of the chart is pretty simple and straight forward. The GREEN, ORANGE, and RED lines represent the different potential paths BTC could take over the next month or two IMO.
Thanks guys. Please LIKE, SHARE, and FOLLOW. I appreciate it a lot. Will post updates along with this as usual.
Ill leave the link to a recent BTC chart I published which I think BTC is following well.
*** As always this is not financial advice. This is an IDEA based off of MY research and experience. I always encourage anyone to do very thorough research before Investing or trading anything.***
______UPDATES BELOW______
- It is currently at the 0.5 Support level (DAILY TIMEFRAME)
- I think it's likely to drop to the 0.382 level, however, there may (or may not) be a small bounce first possibly up to 42K
-BE AWARE that BTC now faces MAJOR RESISTANCE at 41K-43K
---> If BTC can get above 43K, this would be very BULLISH
---> On the other hand, if BTC falls below the 0.382 "last support" level ($38,000), things would be looking very BEARISH.
*** ONE EXCEPTION is that if BTC breaks below the 0.382 level(38K), there IS A CHANCE for a "QUICK WICK" type drop down to 36K followed by an Immediate, STRONG BOUNCE. It's important where the candle CLOSES. If you have a stop-loss order set too high? there's a chance that a quick-wick bounce could trigger it to sell, AND THEN the price goes up right afterwards. (NOT WHAT YOU WANT) Just be aware of those situations.