The generous D4rkEnergY has decided to provide you with this easy to understand Bitcoin-overview, which will help you decide whether we are bullish or bearish on Bitcoin at the moment. This is not rocket science.
Here we go...
As long as we stay above the orange uptrend line, which is formed since June, we are still bullish on BTC. We closed yesterday with a Doji candle, which typically is a sign of reversal. Not a lot of volume though.
MACD histogram shows us, that bulls are in control and have gained momentum since mid September. All bullish signs, that is confirming that we most likely will continue our uptrend.
BUT...
- IF we fall below the orange uptrend line, the bigger descending triangle will be in play, which per definition is bearish. But I would still consider this as a grey zone/neutral area, hence the fact, we might see a lot of bear traps here.
- IF we fall and close below 6,000 USD, we are definitely bears. We can call off my Christmas Rally I have been talking about the last 2 weeks, and we will most likely go down and test 5,000 USD and probably also below.
You are very welcome!
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Everything still looking good! We have found support on top of our down trendline.
why do people follow these guys, just read volume price analysis by anna couling and you will be lightyears ahead of 100% of all these people here posting their speculations
jscduk12
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Nah, don't like the tone. Unfollowed.
TomPower
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Great analysis we go up or bullish we go down or bearish give me a break man, a two-year-old could draw those lines. Nothing to see here move on or just flip a coin
Ledo90
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Well , That's the best explanation for current market state ! Great ta dude
eminenceheld
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@Ledo90, Where is the explanation for the current market state?