Since BTC reached 9.8k, it has been moving sideways between those 2 red areas. The support have been tested and it managed to keep the price up. Considering the RSI for 4h chart was a little overbought, this sideways movement is really healty for BTC. The RSI got down a little, making the rise more likely. MACD is above signal line, being still favorable in both 4h and 1D charts.
In case we test 10k, fail and retrace, both red areas will act as support. Failing the test isn't too hard to imagine, since there are 2 HUGE resistances in this level: 10k (psychological importance) and EMA200 of 1D chart. Both are important price levels. A less likely situation is BTC breaking down the purple line. In this scenario, 2 great supports will act in our favour: yellow uptrend line + EMA100 of 4h chart. Both this supports have consistently pulled up BTC price.
Hope you guys like it!
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Lets update this idea! Like I said before, it was more likely to BTC price break the upper red area than the lower, and it did! The psychological resistance on 10k is so near I can almost hear it breaking! But let's be patient, this is not just another resistance, this is one of the greatests! Like I said before, we may see BTC test the upper red area before breaking 10k. Keep your attention over MACD and RSI indicators, if they fail breaking the red lines, it will indicate a bearish divergence, which would be not cool for BTC. But for now, I'm still bullish about BTC.
One last tip: if you are a beginner, do NOT short a bull market. We are clearly in a bull market. If you fail catching the tops, it may cost you a LOT. I know some tops may look obvious, but never take more risk than you are prepared to deal with.
If you have something to add up, be free to comment.
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Hi crypto community, let's update BTc price movements: Like I said in my last update, MACD indicator were possibly forming a bearish divergence (and it did, as you can see in the image). That moment we had just breaked up the two resistance red areas (which became supports), but after failing breaking 10k (and even touching it), we saw the first support red area being broken pretty easily. The blue short term uptrend line didn't supported very well too and BTC fell really hard. After some indecison, the second red area didn't supported BTC too and it went even more down forming a bearish flag which have been confirmed (falling even more). But one thing is sure about prices: it can't go infinitly down (unless we are talking about bitconnect). In this momment we have (finally) found support at the yellow uptrend line. Beyond this support, another bullish pattern I see is the pink falling wedge. The falling wedge is a bullish reversal pattern. This means it's more easy to the price to break the pattern to the up side. Considering there is the yellow support just a bit lower, this falling wedge may be broken soon. Other bullish signal (not in the charts) is the CoinDesk's Consensus 2018 that historically have acts as a price catalyst for BTC. Let's keep watching BTC's price action!
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I almost forgot: RSI is really oversold too. Make good trades :)
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Hey guys. Good news ahead: Bulls made it, we broke the falling wedge and we are still above 9k! It wasn't easy, the brears broke the yellow support line but as fast as Usain Bolt the bulls scaped from the falling wedge and get the support back in our favour! Let's talk about the current situation. Take a look in the 1h chart below: Inside the falling wedge occurred a bullish divergence, a pattern that powered up bulls and helped them to break the pattern to the upside. Now, bulls will have to deal with 5 main resistances that I've market as a, b, c, d and e. I think the resistance c is the most important right now, followed by e. The c resistance is important because, if bulls didn't break it, we may see a H&S pattern being formed. But for now, let's focus on breaking the c resistance, because forecasting patterns isn't smart, let's deal with it ONLY IF the pattern get really formed. Stay patient, trade smart!