My opinion is that the bottom is in (atleast that's what the RSI is telling me(red circles)) but you always have to be prepared for max pain in these markets. I remain cautious and I see a lot of clear support levels if 19k doesn't hold. 16.3k and 14k are the max pain scenarios in the short term in my opinion, but nobody has a crystal ball. Price action is very close to the 300 weekly SMA which is right under the June low at 17.5k.
If 16.3k to 16.7k is hit in the next few days I think there could be a major bounce from the bottom of this falling wedge. I marked lower major levels of support in case of 3rd world war or complete collapse of the economy but honestly I think inflation will peak and the dollar as well soon or something will break and the fed will have to pivot either way.
Good luck with your trades guys, always dollar cost average in carefully :)
If 16.3k to 16.7k is hit in the next few days I think there could be a major bounce from the bottom of this falling wedge. I marked lower major levels of support in case of 3rd world war or complete collapse of the economy but honestly I think inflation will peak and the dollar as well soon or something will break and the fed will have to pivot either way.
Good luck with your trades guys, always dollar cost average in carefully :)
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Falling wedge resistance is very close now, most likely sometime in these next 2 weeks there will be either big pump or big dump in my opinion.
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Price will have to make a big move soon, could it be to the upside when most people are waiting for yet another capitulation?
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I believe the monthly closes of 2018 will offer very strong support at around 13.8k-14.2k.
I believe the monthly closes of 2018 will offer very strong support at around 13.8k-14.2k.
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Quick update: BTC is now trading in a range between the 200 and the 100 weekly MAs. I believe the 200 will be huge resistance at 33k and the 100 will have to be backtested as support in order to move through the 200 eventually. In order words, we could go relatively sideways for a while and accumulate around 25k.
Quick update: BTC is now trading in a range between the 200 and the 100 weekly MAs. I believe the 200 will be huge resistance at 33k and the 100 will have to be backtested as support in order to move through the 200 eventually. In order words, we could go relatively sideways for a while and accumulate around 25k.