BTC has been on a down trend for a couple of months now and we recently hit a low of 5.8K, what is next?
To keep it short and simple:
-> Conversion line break is the first sign to watch
-> 125EMA is the resistance / close
-> Wave trend has bottomed multiple times now since the first time in the down trend since December, showing signs of bulls their absence.
-> Pattern based we should be able to see 5K but this is only based on patterns ( rising ) and the trend ( down ).
-> Yume wave cross pending but no up trend ( below Miaku, scroll down for the screenshot )
what it all means:
This is the first time we have bottomed and kept falling since in the entire down trend, showing signs of market sentiment being significantly down. This doesn't mean we cant go up but you have to be precise into when you expect it to go up and what needs to happen for the possibility of it going up to be significant. For me the conversion line break is the very first sign, I will reassess when that happens. Until that happens, no buys for the long term for me.
There is a link to a even longer time frame chart below this one, scroll down to take a look.
side note: This is pure TA, I will ignore all FA in these charts to keep the charts clean and easy to follow.
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Stop loss hunting season is on right now, bad time to trade a momentum based move since that is missing right now.
Closing and reopening later if a firm move gets going with momentum.