garyreza

Are we going to see a reversal soon??

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hi everyone.

I guess the question "are we going to see a reversal soon?" is the most important one right now. For sure its will happen at some point, but when?
right now the price have been in the support area that you can see on the chart for a while, today a movement was going to happen, but the mid section (%50 line) of the support area acted as some sort of resistance, making us disappointed.

If we are going to see a reversal soon we sure need to break the upper bond of the support area , getting back and test it and make sure it will act as resistance after breakout. It will not be enough, but as far as its not happening there will be no chance. So its better to wait for confirmation if you have USD or USDT, but may be risky to sell BTC right now, as you don't know when the reversal gonna happen.

Right now based on the Stochastic Oscillator we need to cool down a bit, we are seeing these small candles. Whenever you are seeing small candles appearing one after another you should be waiting for a big solid candle (Red or Green depends on many factors).

To conclude: right now the market is trying to decide which way it wants to move. I will post/comment some supplementary updates based on other time frames so we might be able to predict the future movement of BTC , if its going down to $4000, or if its breaking the support area????!!!!!

Remember that "The stock market is a device for transferring money from the impatient to the patient."

Best,
Garyreza (@Analytca)
On the 12h chart we can see that
Bullish signs:
1) Stochastic was making higher lows for a while (last 4 lows numbered on the chart), while pricing was going down = Divergence.
2) We also see lower highs on DMI/ADX chart = Divergence.
Bearish signs:
1) Price is almost right below the previous support line (which after breaking it, its considered resistance now), and MA50. These two both can act as a strong resistance, together they are even stronger.
2) Vol is low and we see a decrease in Vol as price is increasing

Personally I believe on 12h chart the bearish sings are stronger than bullish ones
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On the 6h chart price is sitting at MA50, which can be a good support. And it was 3 weeks that we were below it. Lets hope MA50 holds for a while giving price time to break the 50% line of the support area (~6400).
It happened today but when the price came back to test the previous resistance as support, it failed. So we didn't have a break confirmation.

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