Btc monthly report 1: april 2020
Trading is not about being right or wrong. Trading is about correctly identifying confluence points. I don't know what is going to happen. However, if a confluence point is tested or broken then usually it means the beginning of a new tendency. As a rule, short term has lots of noise and long term you can see things a bit more clearly. I see 3 big bearish confluence points. In other words, in case BTC reaches those levels, it is to be expected bears will strike really hard.
Bearish monthly confluence point 1: Diagonal box -11k to 9.5k
Bearish monthly confluence point 2: Diagonal line- long term resistance 8.8k to 8.5
Bearish monthly confluence point 3: horizontal line at 7.8k
In order to transform the monthly trend from negative to positive, here is what needs to happen:
- Close the month higher than 7.8k (bullish)
- Close 1–2 months sustainably higher than 8.8k to 8.5k (very bullish)
- Close the month higher than 11k and keep price action above that level for at least 1–2months+.(giga bullish)
If/when that happens, then we should see a huge bull run easily surpassing previous Ath.
Now let's observe the long term bullas confluence points:
Bulla Monthly confluence point 1: Horizontal box- 6.6k to 6.1k
Bulla monthly confluence point 2: Diagonal line around 6.5k
Bulla monthly confluence point 3: Horizontal box- 4.8k to 3.3k
Bulla monthly confluence point 4: Horizontal box- 1150–440 usd
Closing below monthly confluence points 1(6.6k to 6.1k) means there is a high likelihood of testing the next bulla confluence point, which is between 4.8k and 3.3k. If the 4.8k-3.3k region doesn't hold, then there is a high likelihood of testing the next big confluence point which is around the 1163–440 usd.
In order to find a bottom we need first to find support and start taking territory from beras. It's possible that the wick down to 3.8k was the bottom but we can't know for sure yet, only time will tell.
Obs: That is just my personal point of view and I chose for my 1st report a really simple and clean chart. I will make other reports also using my indicators and fibo levels so the analysis gets more complete!
Trading is not about being right or wrong. Trading is about correctly identifying confluence points. I don't know what is going to happen. However, if a confluence point is tested or broken then usually it means the beginning of a new tendency. As a rule, short term has lots of noise and long term you can see things a bit more clearly. I see 3 big bearish confluence points. In other words, in case BTC reaches those levels, it is to be expected bears will strike really hard.
Bearish monthly confluence point 1: Diagonal box -11k to 9.5k
Bearish monthly confluence point 2: Diagonal line- long term resistance 8.8k to 8.5
Bearish monthly confluence point 3: horizontal line at 7.8k
In order to transform the monthly trend from negative to positive, here is what needs to happen:
- Close the month higher than 7.8k (bullish)
- Close 1–2 months sustainably higher than 8.8k to 8.5k (very bullish)
- Close the month higher than 11k and keep price action above that level for at least 1–2months+.(giga bullish)
If/when that happens, then we should see a huge bull run easily surpassing previous Ath.
Now let's observe the long term bullas confluence points:
Bulla Monthly confluence point 1: Horizontal box- 6.6k to 6.1k
Bulla monthly confluence point 2: Diagonal line around 6.5k
Bulla monthly confluence point 3: Horizontal box- 4.8k to 3.3k
Bulla monthly confluence point 4: Horizontal box- 1150–440 usd
Closing below monthly confluence points 1(6.6k to 6.1k) means there is a high likelihood of testing the next bulla confluence point, which is between 4.8k and 3.3k. If the 4.8k-3.3k region doesn't hold, then there is a high likelihood of testing the next big confluence point which is around the 1163–440 usd.
In order to find a bottom we need first to find support and start taking territory from beras. It's possible that the wick down to 3.8k was the bottom but we can't know for sure yet, only time will tell.
Obs: That is just my personal point of view and I chose for my 1st report a really simple and clean chart. I will make other reports also using my indicators and fibo levels so the analysis gets more complete!