orbsatchel

The truth about Bitcoin BTCUSD

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello all,


First off this DAILY chart of BTCUSD is in LOG SCALE because of the massive move BTC has had.

Secondly I am using a "wick from the top of the advance green bar" and then cutting the next wick to hit the bar of the January peak to get the most middle of the road possible DOWN TREND RESISTANCE LINE! This helps merge what many many people are looking at so we do not get suckered up or down.


I am looking for a short term pullback to support at 8562 or the 50 period moving average, that would be a good stopping point for the candles even if we had a long wick to 7705ish to the fib zone break level. Purple circle.

It looks like we hit a bottom on weekly RSI , the daily RSI might be double topping.

I am trying not to trade my feelings so I am not trading this. I need a decisive move from here.
If the weekly candle closes below the 8562 line then my opinion changes and I am bearish again. IF you open the weekly and look at the 50 period moving average ( the flatter one of the two) then I see very good bottoming indications there. A triple test of that line. So even in an all out crash I will look for that line around 6,950 to hold the candle even if the tail violates the line.

Exciting times indeed!







Comment: Here is the weekly with RSI bottom noted and the 50 period moving average line circled in purple. For me this is the new uptrend line to watch. If we break out to upside buy this line. If we fail this line then look out below.
Comment: I am looking for the pullback now. Bearish divergence on 2hr chart. Price going up as volume and RSI heading down as we go into resistance and downtrend line.
Comment: BTC strong like bull. I was wrong about this rally. No trade zone for my unless breakout above 10,100 with big volume...
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