DESCRIPTION: In the chart above I have provided a MACRO to Micro analysis for BITCOIN by taking into consideration SUPPLY & DEMAND POCKETS along with recent BREAK OF DOWNTREND CHANNEL by a DESCENDING TRIANGLE PATTERN that can break either to the UPSIDE OR DOWNSIDE.
POINTS:
1. Year to Date puts BITCOINS price action at a -77.48% correction.
2. With a current 210 days consolidation within current SUPPLY & DEMAND POCKET.
Beginning with SUPPLY & DEMAND POCKETS BITCOIN shows a DEVIATION of 10,000 points between every "STABLE CONSOLIDATION PERIOD".
2. DOWNWARD CHANNEL that began at 66,000 points was broken when price action hesitated to fall below 16,000 as SIDEWAYS CONSOLIDATION continued.
3. RSI is showing signs of steady bullish momentum in a much more stable fashion than before.
4. MACD is indicating that a big move is on the way since buying and selling pressure is in between.
*NOTE: Lose of current SUPPORT OF 16,000 would invalidate any BULLISH MOMENTUM.
SCENARIO #1: Continuation of sideways momentum that eventually breaks 20,000 point entry could push BITCOINS price higher.
SCENARIO #2: Discontinuation of sideways momentum and a fall below 16,000 point crucial support can eventually lead the way to a 13,000 entry.
BTCUSD
POINTS:
1. Year to Date puts BITCOINS price action at a -77.48% correction.
2. With a current 210 days consolidation within current SUPPLY & DEMAND POCKET.
Beginning with SUPPLY & DEMAND POCKETS BITCOIN shows a DEVIATION of 10,000 points between every "STABLE CONSOLIDATION PERIOD".
2. DOWNWARD CHANNEL that began at 66,000 points was broken when price action hesitated to fall below 16,000 as SIDEWAYS CONSOLIDATION continued.
3. RSI is showing signs of steady bullish momentum in a much more stable fashion than before.
4. MACD is indicating that a big move is on the way since buying and selling pressure is in between.
*NOTE: Lose of current SUPPORT OF 16,000 would invalidate any BULLISH MOMENTUM.
SCENARIO #1: Continuation of sideways momentum that eventually breaks 20,000 point entry could push BITCOINS price higher.
SCENARIO #2: Discontinuation of sideways momentum and a fall below 16,000 point crucial support can eventually lead the way to a 13,000 entry.
BTCUSD
