spreck
Long

:: Revised :: Possible BTC recovery signs

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
To attempt to seem not 100% stupid, i'm addressing my Head and Shoulders screw up.

Still new to the game and for whatever reason decided that was a head and shoulders pattern. Identified upon posting that it obviously was not (I swear I know better), so I want to address it and repost before I begin getting the "Hey dummy, what you got the tiniest head on earth" comments...

Are we seeing a the clouds clear up??

If we fill out all of these scenarios we may see some serious recovery happen over the next month as we approach the tip of this wedge .

I am seeing a possible break out pending some ideal conditions:

- Stoch RSI double bounce, cross, and separation due to oversold condition signaling bullish movement upward.
- RSI staying above or bouncing off of 32 level and increasing strength into the bullish zone.
- And most ideally, a MACD crossover as close to, if not on, the Zero line. I see this consistently, MASSIVE bullish movement after a MACD cross ON the zero line.

Oooooofffff course....... it could very well break out below the wedge , but that's not a happy thought. Plus I prefer to make rockets on my charts, not missiles =)

The price might bounce off of the $7510 resistance, but will likely hit the $6950 to $7000 range before it begins recovery, this is kissing the current trend line as well as a strong resistance intersection point.

Assuming these conditions are met and the price doesn't jump off of a cliff , we need to see some consistent closes above previous resistance lines, and hopefully we will see a positive breakout of the wedge come end of March or beginning of April.

However, if it drops below that trend line , the next identified support is at the $6100 to $6200 range. Fingers crossed that I will not have to reevaluate due to those conditions.....

I seriously put a lot of work into my rocket.

-Spreck

Standard disclaimer: This is not financial advice, just ramblings of some dude that likes looking at, and drawing on graphs.
Sunday is a dumping day for Crypto and no one will buy BTC before G20 News next week. BTC will fall further
Reply
@andysaw, wrong :d
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out