We've some pretty good reasons to *HOPE* price won't badly fail the test of SMA100/W, a key level. Are we in (C) already ? Then a successful test of such support may pave the way up.
[ This is an educational exercise on weekly MA, not a trading advice. Take it with grain of salt ]
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If TV messes the chart, here's how it should look:
Enjoy.
Back to "serious" stuff now.
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Like it if you enjoy, will post more eventually.
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Well, about 2 weeks later it's still a viale scenario.
Bulls shoud try to play it bu looking for a morning star on the weekly. Meaning a weekly close around / over 8900-9000$ on sunday.
Too soon to say, just some hypothesis you may want to consider. As usual, take it with some grain of salt, further confirmations are needed.
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Well, no morning star and price still at support.
What a waste. Risky area.
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Idea still valid, 3 weeks later.
Yet bulls should start pushing soon, or momentum will vanish ( see shorter MAs ). We'l see,
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SMA100/W broken.
If 7200$ holds this scenario may still apply, but fo that we need a strong weekly close on sunday.
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Why 7200$ ? See my comment below.
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Time for an update.
As you may notice price reached the blue line, MA50. This is a key support.
Moreover, as i wrote on chart 2 months ago already, what we're waiting here is a crossover of the blue on the green.
We'll see if the bulls have the strength to do it, the validity of this scenario depends on that. I think next 2 weeks are critical, take a look also to the 'creative' idea i posted here:
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Please dear Blue ... cross-up that damn green ...
ASAP please
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Price achieved a MA50/MA100 crossover ( blue on green ) on last weekly close.
It was well expected, since opening post.
Next step would be price drawing a bottom and pulling over MA20. Then the latter should act as uptrend support, whereas it's resistance for now.
The breakout of MA20 happen relatively soon, or blue (MA50) will flatten and/or fall. In that case all this scenario above would be put at high risk.
I
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MA20 is the red line ...
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UPDATE
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If you're in, just don't forget to protect your gain with a SL. We're in a high turbulence area, way better SAFE than SORRY!
Hi, would you explain some good reasons to hope price won't fail under SMA100/W ?
Thanks
f-73
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@invisibleturtle, they're shown on chart, look at the yellow circles.
If you look back at 2016 price broke over SMA100/W, then tested it from above, consolidating for a few weeks.
Finally we had SMA50/ SMA100 crossover and subsequent bull run.
As in 2016, Price is now testing SMA100/W after havin pierced it.
Hence to some extents we *may hope* that scenario bullish will repeat.
Given that weekly MAs are elastic supports, i'd say (as a mere a rule of thumb), the above scenario would possibly apply as long as Bitcoin will be able to form some higher low between here and FIBr 0.382 at about 7200$. Anything lower would likely invalidate the scenario. We'll check it again.