(BTC) BITCOIN TESTING NEW SUPPORT!! Incoming bull confirmation!?
This will be a quick one folks but it has me majorly excited so I had to throw something together!
So, It would appear that
BTCUSD
has officially smacked its way above the heavy overhead resistance and will be testing it as a new support within 24 hours!!!
I've been watching this line for a very long time waiting for this exact situation to unfold. We're not there yet but I am of the opinion that if we can test that support and stay above it we will have our first true confirmation of a large scale trend change in the BTC market.
So enough about my excitement, heres the nitty gritty of it:
So yes, theres some bearish signs in there, and im okay with that. I fully expect things to dip for a bit and hope to see some major action around tomorrow 7PM EST.
Another point to watch assuming this plays out is March 7th as the current minor overhead resistance and the 50% fibonancci retrace will be converging.
Obviously alot of this relies on BTC testing that prior major resistance as new support, but if we pull that off...well I think I might just see the moon in view again!
***The final elliot wave is obviously extremely theoretical and just meant to show a general direction if the trend is confirmed.
*** Note that the MACD RSI crossover strategy I've written has the RSI hidden, and that the earning results are irrelevant as it used for cleaning up major trends NOT buys and sells.
*** The dual Stochastic/Stochastic RSI source code can be found on my page if you're in need of a simple space saving indicator!
This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you!
Remember, TA is neither investment advice nor a guaranteed science, but rather an informed attempt at predicting future movement based on historical AND emerging patterns!
Good luck and happy trading fellow cryptoheads!
Austin Doyle
CTO
Crypto Playhouse
So, It would appear that
BTCUSD
has officially smacked its way above the heavy overhead resistance and will be testing it as a new support within 24 hours!!! I've been watching this line for a very long time waiting for this exact situation to unfold. We're not there yet but I am of the opinion that if we can test that support and stay above it we will have our first true confirmation of a large scale trend change in the BTC market.
So enough about my excitement, heres the nitty gritty of it:
- Most bars spent above all time high resistance since markets turned in December.
- MACD is on a roll with new higher swing lows.
- MACD is still showing bearish divergence, but appears to be slowing down and very well could still close above zero and form new higher swing low.
- The STOCH & STOCH RSI are both bearish and below 20.
- BTC appears to have gone channel bound, forming a pretty little bull flag above the new support.
- Bottom of bull flag, new minor trend support and new minor trend support all converge in one spot!!!
- We just saw our first clean elliot wave, and following correction where the correction closed above the wave 1 peak!
So yes, theres some bearish signs in there, and im okay with that. I fully expect things to dip for a bit and hope to see some major action around tomorrow 7PM EST.
Another point to watch assuming this plays out is March 7th as the current minor overhead resistance and the 50% fibonancci retrace will be converging.
Obviously alot of this relies on BTC testing that prior major resistance as new support, but if we pull that off...well I think I might just see the moon in view again!
***The final elliot wave is obviously extremely theoretical and just meant to show a general direction if the trend is confirmed.
*** Note that the MACD RSI crossover strategy I've written has the RSI hidden, and that the earning results are irrelevant as it used for cleaning up major trends NOT buys and sells.
*** The dual Stochastic/Stochastic RSI source code can be found on my page if you're in need of a simple space saving indicator!
This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you!
Remember, TA is neither investment advice nor a guaranteed science, but rather an informed attempt at predicting future movement based on historical AND emerging patterns!
Good luck and happy trading fellow cryptoheads!
Austin Doyle
CTO
Crypto Playhouse