Hey guys, it's SMT here! Something to look out for in the very near future that will influence our projected future is the covergence of two trend lines. The downward trend line set from when BTC hit $20k and our most recent uptrend set from our new and present bottom (for now). This convergence will force BTC's hand into either breakout mode upwards or correcting on a continuing downward trend.
Good news: from how I see it we are closing in on breaking upward through our 50 day EMA (orange), and we are working on our 5th of Bullish day in the week, AND we have room for consolidation without breaking our upward trend line.
Bad news: We are oversold on every time except daily (which is okay with the sentiment of the market obviously, but as a bear you have ideal conditions to lock in profits, and if you look we had about a third less bullish volume today then yesterday.
If we do break upwards we'll have some key resistance (Red) at 11,530(ish)(psychological), 14187(ish) so keep those numbers in mind.
Ye' be warned matey!
ShiverMeTimberz here, firing one off your bow. It be your coin I be after, ARRR!
Tell me what ya'll think. Like, subscribe, comment. This is for education purposes only.
Good news: from how I see it we are closing in on breaking upward through our 50 day EMA (orange), and we are working on our 5th of Bullish day in the week, AND we have room for consolidation without breaking our upward trend line.
Bad news: We are oversold on every time except daily (which is okay with the sentiment of the market obviously, but as a bear you have ideal conditions to lock in profits, and if you look we had about a third less bullish volume today then yesterday.
If we do break upwards we'll have some key resistance (Red) at 11,530(ish)(psychological), 14187(ish) so keep those numbers in mind.
Ye' be warned matey!
ShiverMeTimberz here, firing one off your bow. It be your coin I be after, ARRR!
Tell me what ya'll think. Like, subscribe, comment. This is for education purposes only.
Comment:
Just to keep you all up to date, this downward trend line is about to be broken and we should see a bull break that will followed by a large amount of bull volume for a few days. This is simple TA, I expect this trend to be broken by the bulls very soon, next day or two. And this is just for educational purposes, but it right now looks like it would be a good purchasing point, and then follow the hourly, 4hr, and daily RSI and volume indicators for when to find an exit point.