We recently noticed a quick but inadequate uptick in price action today. Things have been really boring over the last two months for most swig traders these days as the price has been consolidating between the $9000 to $9800 range over the last two months.
We're currently lookig a bit bearish at the moment, however as we all know things can change at a moment’s notice. At this point I could care less which direction the price action moves as long as it produces some minor resemblance of volatility that we’ve all become accustomed to with the BTC.
At this moment in time, I’m looking at several key indicators… 1. A descending triangle is forming on the 1 day time frame 2. A current test of the 200-day moving average on the 4 hour time frame. If we break well above this indicator, we made indeed see a retest of the $9800 level (and a break from the descending triangle formation) 3. We’re still under the major resistance trend lined from June 2019 4. Volume for this latest uptick in price doesn’t seem to be moving too quickly (most notable pumps follow a hard and fast rule) 5. We’re slightly overbought on the RSI indicator
This doesn’t necessarily mean that were out of the woods yet however the latest pump from today doesn’t really indicate anything special other than a simple retest of old resistance. I’ll be keeping an eye out on the 200 day moving for a legitimate break over the next 24 hours.
Chance of a full breakthrough 200 ma is likely. So far it's a perfect example of breakdown and retest to go further down.
imedjennen62
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I think your charting is spot on, and the lack of volatility and low volume can cause bots to force us over the top triggering stop-losses.
sandrinepec4
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You've done an outstanding job covering Bitcoin. Best coverage on TV. Very well done!
antomarchiclara954
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Really interesting work, very unique take on TA. Thanks!
estebanlestel123
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Great call, probably better than most of what some dudes write here !!! I could not agree more with you !!! The fun part is that some claim to have been right after a move ! Truth is that BTC is so manipulated ever since BTC -futures where introduced. The chart of the past months is proof enough!
sarahmaron9854
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Which side you think it would break?
arbmollick69
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Nice system.how to mzke noney..day is key of life is trading po
LCY
MUST BE OUTLOKING NEW WSY GETT8NG SO MRTHI G
rothdianarothgs
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100% agreed, still on downtrend and tbh I think till end Nov, beginning of the Dec 2020 (to complete ABC correction from Elliott waves pattern) I expect to touch 2.5k / 3k usd
After that beautiful Long position for up to Jan 2022 😅 massive bullish run
gbabba
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Im bearish but everyone's bearish and fear and greed is still in fear mode..so I cant really say it will go down for Sure..cuz everyone's bearish and it's bad to follow the herd