Goooood Morrrnniiinnn Vieeetttnammmmm
Exciting times on the
BTCUSD
charts. I see a big move about to be played out and it could decide where BTC heads for the next week or two.
Here are the indicators that I see sending me mixed signals worse than my high school sweetheart
1) RSI showing Bullish at the moment, but seems that the bulls are losing steam
2) Heavy Reistance at 11,600 from the Previous High as well as the Channel High so the bulls will need to take a HUGE charge if they wanna break through this one, here are the different scenarios
a) price closes above $11,600 with a strong green candle, I'm extremely bullish and putting in orders for the color of my new bentley
b) price bounces off resistance, Im bearish and looking to see how far the bears take Btc down
b1) bears take down btc above $7,000 and form a higher low, Im now long term Bullish due to bear run being over
b2) bears take btc to lower than $7,000, I go cry in a corner because the BTC Recession is still in place and I pan handle for alt coins
3) Also an interesting factor is that BTC is approaching the 50 day MA which is ALL converging at 11600 so to me this price point is super exciting to watch!
4) Also can't really tell if this is a *rising wedge (bear), *bearish pennant (bear) or a *decending triangle (neutral)
My analysis is telling me stay bearish until proven otherwise but my heart is with the Bulls!
Exciting times on the
BTCUSD
charts. I see a big move about to be played out and it could decide where BTC heads for the next week or two. Here are the indicators that I see sending me mixed signals worse than my high school sweetheart
1) RSI showing Bullish at the moment, but seems that the bulls are losing steam
2) Heavy Reistance at 11,600 from the Previous High as well as the Channel High so the bulls will need to take a HUGE charge if they wanna break through this one, here are the different scenarios
a) price closes above $11,600 with a strong green candle, I'm extremely bullish and putting in orders for the color of my new bentley
b) price bounces off resistance, Im bearish and looking to see how far the bears take Btc down
b1) bears take down btc above $7,000 and form a higher low, Im now long term Bullish due to bear run being over
b2) bears take btc to lower than $7,000, I go cry in a corner because the BTC Recession is still in place and I pan handle for alt coins
3) Also an interesting factor is that BTC is approaching the 50 day MA which is ALL converging at 11600 so to me this price point is super exciting to watch!
4) Also can't really tell if this is a *rising wedge (bear), *bearish pennant (bear) or a *decending triangle (neutral)
My analysis is telling me stay bearish until proven otherwise but my heart is with the Bulls!
Comment:
Moment of Truth
Comment:
So Resistance was rejected HARD, so we will have to wait for awhile before a retest. Support at previous Low is at $10,350 and it looks to be holding at the moment.
Could turn into a possible ascending triangle, or wedge but it forms a lower low, then we might be looking at a pull back to a possible .5 FIB retracement.
Could turn into a possible ascending triangle, or wedge but it forms a lower low, then we might be looking at a pull back to a possible .5 FIB retracement.