Bitcoin: The Big Picture (Where are we and what's the plan?)
This is a very simple long trend analysis for Bitcoin . White line is the primary trend to be observed and analyzed here.
Rule set 1:
- When white line slopes up, BTC moons;
- When white line slopes down, BTC dumps.
Rule set 2:
-When line is above dotted horizontal line it's bull zone;
- When line is below dotted line it's bear zone.
Where are we?
Line is above dotted line so we are in a bull zone but line is sloping down so we can't rule out price drops.
What can happen?
If and only if the white line, whilst above the dotted horizontal line, reverses and starts an upward trajectory are we going to see BTC's next mega bull run and it will slice past $20k like hot knife on butter. For now it's a waiting game; we need to see what the line does.
If the white line drops below the horizontal dotted line then it'll be boom for bears (and doom for bulls). Can't and won't happen overnight since this is a long trend we are observing.
In the meantime it's vital to keenly keep an eye on these fib zone. Price action has respected these zones to the letter.
Rule set 1:
- When white line slopes up, BTC moons;
- When white line slopes down, BTC dumps.
Rule set 2:
-When line is above dotted horizontal line it's bull zone;
- When line is below dotted line it's bear zone.
Where are we?
Line is above dotted line so we are in a bull zone but line is sloping down so we can't rule out price drops.
What can happen?
If and only if the white line, whilst above the dotted horizontal line, reverses and starts an upward trajectory are we going to see BTC's next mega bull run and it will slice past $20k like hot knife on butter. For now it's a waiting game; we need to see what the line does.
If the white line drops below the horizontal dotted line then it'll be boom for bears (and doom for bulls). Can't and won't happen overnight since this is a long trend we are observing.
In the meantime it's vital to keenly keep an eye on these fib zone. Price action has respected these zones to the letter.
Comment:
If we do eventually get the white line to slope up just like it did in Dec. 2016, we should expect a massive drop to a previous RES level (to be flipped as new RES). It can happen again.
Comment:
The market looks really bad right now for bulls, doesn't it? Guess what? The white line is reversing and facing up.
This is the last shakeup before the bull run. start looking for long entries at 8500 region.
This is the last shakeup before the bull run. start looking for long entries at 8500 region.
Comment:
This is where we start looking for signs of reversal.
Comment:
Drilling down to 1H TF we have regular bullish divergence. It's a good sign to start with but it wont bethat simple.
Comment:
Bearish Divergence strongly suggests an impending drop to below the 8500 zone. Won't rule out a visit to between upper 7k and 7.5k.