The streets were bloody over the past 24 hours, its been fun.
Now, I think we probably will get one more push down, probably at least to the 6000 - 6200 area, and maybe even further. But going over the charts again, I couldn't help but allow myself to dream of a push upwards, a nice little bounce from current levels. Here are the technicals I see:
1. RSI is way oversold in most timeframes from 5m to 10h. 12h and 1d charts have a little ways to go if they need it.
2. We see some divergence happening on the 1h timeframe, marked with the yellow lines
3. Right before the close of the last hour candle, we printed a nice rejection wick (nearly $100) to the downside, marked with the yellow circle
4. We have the possibility to print a very nice looking inverted H & S pattern
5. At the time of writing, price is playing ping-pong between 6380 - 6393, trying to push upwards
6. MACD looks like it could crossover on the 1h timeframe
The possibility of this actually playing out, and we get a bounce to the upside are extremely thin in my opinion... But its fun to dream sometimes
I'm 100% bullish on BTC longterm. Hopefully this last push down can mark the end of this bear market, and we can look to new highs next year.
Until then, fill up those short positions, and I'll see you at the bottom.
*** Not Trading Advice – I'm a noob and a dreamer, leave me alone!
Now, I think we probably will get one more push down, probably at least to the 6000 - 6200 area, and maybe even further. But going over the charts again, I couldn't help but allow myself to dream of a push upwards, a nice little bounce from current levels. Here are the technicals I see:
1. RSI is way oversold in most timeframes from 5m to 10h. 12h and 1d charts have a little ways to go if they need it.
2. We see some divergence happening on the 1h timeframe, marked with the yellow lines
3. Right before the close of the last hour candle, we printed a nice rejection wick (nearly $100) to the downside, marked with the yellow circle
4. We have the possibility to print a very nice looking inverted H & S pattern
5. At the time of writing, price is playing ping-pong between 6380 - 6393, trying to push upwards
6. MACD looks like it could crossover on the 1h timeframe
The possibility of this actually playing out, and we get a bounce to the upside are extremely thin in my opinion... But its fun to dream sometimes
I'm 100% bullish on BTC longterm. Hopefully this last push down can mark the end of this bear market, and we can look to new highs next year.
Until then, fill up those short positions, and I'll see you at the bottom.
*** Not Trading Advice – I'm a noob and a dreamer, leave me alone!
Comment:
I'm not going to lie, I'm a bit surprised we've been trading sideways for this long. The Bulls are rejecting anything lower than the 6400 level pretty well at this point. Time will tell if we can gain enough strength from here to make a move upwards.