+++++++zoom out to get the whole picture++++++++++
Hello and welcome to a quick idea which I was thinking about.
-This logarithmic Bitstamp BTC chart provides information about a long term trend.
-We are observing a weekly timeframe.
-4 BTC-halvening´s are displayed by the vertcal lines.
-100Moving Average and 200MA are important indicators.
-Important key levels are represented by the dotted lines.
-One brown line implies a downtrend chanel with two local top´s at 20K as well as 14K.
-RSI which currently demonstrates overall weakness in the market.
In this chart I would like to demonstrate how vulnerable BTC can be and how lower lows are still possible- even below 1K.
We have bounced of the 3100$ Level on December 10th 2018, after which the bullmarket of 2019 began (3-14K in 6 month).
I extended the blue line 200MA which could a possible bounceing point during this retracement.
BTC already broke the 100MA (red line) on November 12th 2018 to the lower side.
Volume is decreasing, which could be a sign of a cooldown, finding a bottom soon...
The top of 14.000$ was touched once- we did not confirm higher highs- which lead us to think about a continuation of the current retracement/downtrend.
A possible bounce could happen on the 200MA, which I drew as an extension when Bitcoin hits 5000-6000K it in early 2020. We could see another spike up at that point, which could respect the brown diagonal and create a third top by June 2020 (20K, 14K, 10K).
What do you guys think about this idea? Let me know! This is it already for today,
your quality-trader
Hello and welcome to a quick idea which I was thinking about.
-This logarithmic Bitstamp BTC chart provides information about a long term trend.
-We are observing a weekly timeframe.
-4 BTC-halvening´s are displayed by the vertcal lines.
-100Moving Average and 200MA are important indicators.
-Important key levels are represented by the dotted lines.
-One brown line implies a downtrend chanel with two local top´s at 20K as well as 14K.
-RSI which currently demonstrates overall weakness in the market.
In this chart I would like to demonstrate how vulnerable BTC can be and how lower lows are still possible- even below 1K.
We have bounced of the 3100$ Level on December 10th 2018, after which the bullmarket of 2019 began (3-14K in 6 month).
I extended the blue line 200MA which could a possible bounceing point during this retracement.
BTC already broke the 100MA (red line) on November 12th 2018 to the lower side.
Volume is decreasing, which could be a sign of a cooldown, finding a bottom soon...
The top of 14.000$ was touched once- we did not confirm higher highs- which lead us to think about a continuation of the current retracement/downtrend.
A possible bounce could happen on the 200MA, which I drew as an extension when Bitcoin hits 5000-6000K it in early 2020. We could see another spike up at that point, which could respect the brown diagonal and create a third top by June 2020 (20K, 14K, 10K).
What do you guys think about this idea? Let me know! This is it already for today,
your quality-trader
May the force be with you