"Look at this graph, every time I do it makes me graph" ~Nickelback
Where are we heading?! Nickelback has the answers.
Look at this graph
Every time I do it makes me graph
Every time I do it makes me (graph)
Lines everywhere! So many supports and resistances in play when we take into account all these different price levels we have been stopping and turning at.
Written style of analysis today! (mixing it up)
Currently where we stand is on a 10.9k support, as you can see we have been fighting to push the price back over the support and currently lies on it- in terms of candlesticks closing on the support is a bullish movement and I am expecting it is more likely we break this support and bouncing hence I will be actively shorting for the chance we go down back to the 10.4k.
If we close on the support there is a higher chance we will break it, given the turn in the wave trend oscillator which is genuinely very accurate with bitcoin when it starts to turn at a given point, it has levelled off currently so we are just waiting for confirmation of a small reversal. The RSI is clearly moving down given the last candles, but the bottom can't be too far from here (looking at the 10.7k and 10.4k regions as very likely candidates) and whenever we reach the 45 region on RSI lots of buying pressure comes in (indicated by the dotted yellow line on the RSI), it has actually turned before even reaching near the support so alot of buying action could come in.
Likely situations from "in my opinion" most probable to least: (first two equal probability)
1. Bounce off the 10.7k area back into upwards trend heading for the 11.7-11.8 region. (based on the wave trend, rsi and candlestick)
1. Continuation of corrective wave off the 10.9k support after a bullish candle. (based on closing on the support and continuation of follow price correction)
3. Bounce off the 10.4k area back into upwards trend heading for the 11.7-11.8 region.
4. Break of the 10.4k and bounce off overhead resistance into uptrend, has to overcome more prior supports but will have more buying momentum.
5. Break of the 10.4,k break of overhead resistance and back into downtrend channel.
Conclusion
~Seems like BTC is onto a winner for a mid-term trade up to the 11.7-8k if you aren't obsessed with min-maxing with shorts like I am :D
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Where are we heading?! Nickelback has the answers.
Look at this graph
Every time I do it makes me graph
Every time I do it makes me (graph)
Lines everywhere! So many supports and resistances in play when we take into account all these different price levels we have been stopping and turning at.
Written style of analysis today! (mixing it up)
Currently where we stand is on a 10.9k support, as you can see we have been fighting to push the price back over the support and currently lies on it- in terms of candlesticks closing on the support is a bullish movement and I am expecting it is more likely we break this support and bouncing hence I will be actively shorting for the chance we go down back to the 10.4k.
If we close on the support there is a higher chance we will break it, given the turn in the wave trend oscillator which is genuinely very accurate with bitcoin when it starts to turn at a given point, it has levelled off currently so we are just waiting for confirmation of a small reversal. The RSI is clearly moving down given the last candles, but the bottom can't be too far from here (looking at the 10.7k and 10.4k regions as very likely candidates) and whenever we reach the 45 region on RSI lots of buying pressure comes in (indicated by the dotted yellow line on the RSI), it has actually turned before even reaching near the support so alot of buying action could come in.
Likely situations from "in my opinion" most probable to least: (first two equal probability)
1. Bounce off the 10.7k area back into upwards trend heading for the 11.7-11.8 region. (based on the wave trend, rsi and candlestick)
1. Continuation of corrective wave off the 10.9k support after a bullish candle. (based on closing on the support and continuation of follow price correction)
3. Bounce off the 10.4k area back into upwards trend heading for the 11.7-11.8 region.
4. Break of the 10.4k and bounce off overhead resistance into uptrend, has to overcome more prior supports but will have more buying momentum.
5. Break of the 10.4,k break of overhead resistance and back into downtrend channel.
Conclusion
~Seems like BTC is onto a winner for a mid-term trade up to the 11.7-8k if you aren't obsessed with min-maxing with shorts like I am :D
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Trade active:
Bounced off the mid 10.7 region (as stated) and now we are going upwards. An area of resistance is the 11.2k, however there is a good chance we can break and head towards the 11.7-8k region to take some lovely profits!
Trade active:
Looks promising. I'm in btc till 11.7k still.
Comment:
You can easily go back to fiat here given the morning star candlesticks could be indicating a reversal.
Comment:
Meant spinning tops*, I am looking to short as 11.4k is providing resistance but if we break it firmly I will getting back in for the ride till 11.7k.