This is a chart of BTC with the style changed to 'Line Break' on the Daily.
I looked into some charts that seemed to share better insight into upcoming moves for BTC, and this one was interesting.
- Basically, once it lost the 21EMA (yellow) on the second test down, it opened up the gates to the much nastier dump to where we are now, and this coincidentally is resting right on the 200MA (white) and 89EMA (cyan). This has (so far) turned it into a green bar, indicating that there may be some upside as long as the daily closes strong.
- Although there may be some upside, I expect that BTC will not manage to break through the 21EMA on the way up, because it will be staunch resistance, just like it was during 2018 after the 2017 bubble.
For now, Bitcoin looks to be holding this region (the 200MA is supporting for now), and there is potential for a test up around $9000 to the 21EMA. But this will likely end up in another sell-off as there doesn't seem to be a lot of bullish momentum yet.
Let me know your thoughts on this, and if you use Line Break chart, I am keen to learn some more about it.
I looked into some charts that seemed to share better insight into upcoming moves for BTC, and this one was interesting.
- Basically, once it lost the 21EMA (yellow) on the second test down, it opened up the gates to the much nastier dump to where we are now, and this coincidentally is resting right on the 200MA (white) and 89EMA (cyan). This has (so far) turned it into a green bar, indicating that there may be some upside as long as the daily closes strong.
- Although there may be some upside, I expect that BTC will not manage to break through the 21EMA on the way up, because it will be staunch resistance, just like it was during 2018 after the 2017 bubble.
For now, Bitcoin looks to be holding this region (the 200MA is supporting for now), and there is potential for a test up around $9000 to the 21EMA. But this will likely end up in another sell-off as there doesn't seem to be a lot of bullish momentum yet.
Let me know your thoughts on this, and if you use Line Break chart, I am keen to learn some more about it.
This is the 2018 region, and as you can see once the 21EMA was lost, it was strong resistance and basically called most of the dumps.