Welcome everyone, hope you all are doing well. As we all have seen, BTC had a really great rally in the last few days and went upto 9760 on Bitfinex.
In the last 24 hours, it nearly fell a thousand dollars and is back to the point from where it started 2 days back. The short term chart doesn't look good from here.
Let us see some key points here: *MACD still seems Bearish although the signal is ot evident from wave line. *RSI is also not strong and is moving in the Bearish zone of 30-45. *Value of Volume Flow indicator has fallen below Zero which means Bearish state. *Moving Average(30 days) is supporting near term Bearish movement.
Possible Reversal zones: (1) 8600 (2) 8300 (3) 7900
P.S: This is not an investment advice, and i am just learning. This is for educational purpose only. Invest you capital at your own risk.
Those who wish to achieve greatness, never seek for permissions. They follow what their heart says, and do what their mind states!
Good luck trading.! Peace.
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Might be helpful if you are day trading: (Just y anticipation)
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IT PERFECTLY HIT MY TARGET AREA:
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HOURLY CHART:
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TRADING ABOVE THE TREND.
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ABOVE 9600. New uptrend may begin. We will have to wait and see.
Everyone has a different point of view. The most important thing is to keep track of the market and compare it with your drawing and you should also follow the professional analysts and you know what the point of view that most analysts collect on it I'm not a professional.
mtad2002
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8700 is daily 200 MA
and 8300 is main down trend line from all time high
by my count 8400 is highest price of elliott wave 1 so wave 4 cannot get lower than that .
the possibility of 7900 is very low , but this is btc who knows.
johntradingwick
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@mtad2002, Agreed, 7900 is Low that is why i said possible reversal zones. It may or may not touch that level. Let us wait it out.
Thank you for sharing your chart too :)
Hitted that 8600 support spot on and now we will see where this bounce will take us.
Hoping to see 10200 or similar in few days. Weekend is in between though.
Keep up the good work !