I have Charted a very SIMPLE chart analysis for your review. This simple little chart calculates support and resistance based on previous higher lows, so there is really nothing special here. So, let’s look a bit deeper into what the chart is trying to tell us?
The overhead solid trendline is intact and supported with 2-data points for resistance in the price level. The Primary support Dotted Trendline also has 2-data points and is still intact. We have observed, in the past, whenever we reach a decline in volatility nearing significant support and resistance, we have a HIGH probability of a volatility squeeze. The price squeeze could be imminent, so set your alerts!
It’s very difficult to be a BTC bull as they blow it up and shortly thereafter bring the price action back to the mid 3k levels. I am still not a buyer but will give BTC serious consideration the closer we get to 3k.
Outlook:
I must admit, I am a BTC bear. If you follow me, you know my personal feelings about BTC. If you follow me on Twitter, you really know my feelings on BTC. I have noted an inverse H&S pattern which should note a bullish short-term move, but in crypto-world, down is up and up is down.
I need to see confirmation of the 3rd data point on the support and resistance price level to make a bull or bear call. Right now, it just looks like we are range trading with the high probability of a $150.00 first 4hr candle move north or south. when and if, we break free of this range trading.
The resistance points are correlated to the description I mentioned above with R3 lending itself to a possible short entry.
Please take notice of the declining volume. If you consider the declining volume along with declining volatility you can perceive a volatility squeeze at any time. If not, we continue trading between $3457 and $3521, until something gives!
If you are new to crypto-trading, I don’t see a good entry yet because there is no defined trend. There is always a chance to get in if you’re patient, so sit back and have another look at ETH, LTC, XRP where you may find some action. BTC can get volatile for seemingly no reason.
If you find my simple TA interesting, consider giving me a thumbs up. I analyze these charts for hours at times to give you the best and simplest analysis you can find on TV. If you want to communicate with me, go ahead and follow me on Twitter where you can meet, “Crypto-Dog.”
Best,
Biff
The overhead solid trendline is intact and supported with 2-data points for resistance in the price level. The Primary support Dotted Trendline also has 2-data points and is still intact. We have observed, in the past, whenever we reach a decline in volatility nearing significant support and resistance, we have a HIGH probability of a volatility squeeze. The price squeeze could be imminent, so set your alerts!
It’s very difficult to be a BTC bull as they blow it up and shortly thereafter bring the price action back to the mid 3k levels. I am still not a buyer but will give BTC serious consideration the closer we get to 3k.
Outlook:
I must admit, I am a BTC bear. If you follow me, you know my personal feelings about BTC. If you follow me on Twitter, you really know my feelings on BTC. I have noted an inverse H&S pattern which should note a bullish short-term move, but in crypto-world, down is up and up is down.
I need to see confirmation of the 3rd data point on the support and resistance price level to make a bull or bear call. Right now, it just looks like we are range trading with the high probability of a $150.00 first 4hr candle move north or south. when and if, we break free of this range trading.
The resistance points are correlated to the description I mentioned above with R3 lending itself to a possible short entry.
Please take notice of the declining volume. If you consider the declining volume along with declining volatility you can perceive a volatility squeeze at any time. If not, we continue trading between $3457 and $3521, until something gives!
If you are new to crypto-trading, I don’t see a good entry yet because there is no defined trend. There is always a chance to get in if you’re patient, so sit back and have another look at ETH, LTC, XRP where you may find some action. BTC can get volatile for seemingly no reason.
If you find my simple TA interesting, consider giving me a thumbs up. I analyze these charts for hours at times to give you the best and simplest analysis you can find on TV. If you want to communicate with me, go ahead and follow me on Twitter where you can meet, “Crypto-Dog.”
Best,
Biff
