Regera
Long

BTC shows conflicting signals but the path looks to go higher

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Fib's:
White: Full
Yellow: Prior low extension to last high
Red: February's high retracement to prior low
ROI are calculated from when the price was $8275.

When reviewing the longer term trend lines and support/resistance zones the reward to risk ratio for BTC is favorable. A lot of things can happen and here are two scenarios I believe are most likely to occur:

1. BTC is consolidating before it retests the top of the symmetrical triangle ($9200) for an 11% ROI . It could reverse at the first resistance zone , then again at the first support zone before heading to the top of the triangle.

2. BTC drops to the middle support zone ($7794-7842) before retesting the top of the symmetrical triangle. At current price, 6.5% ROI . If bought from the support zone , 13%ROI.

The RSI is nearing support so if BTC were to drop , it shouldn’t be much if it holds up. Currently BTC is trading above the 50MA but has been pierced twice in the last few days . There’s a bear flag , however there’s a hammer forming to end today’s candle.
Trade active: BTC reversed before testing the middle support, right on the bottom RSI trendline zone at $7932. Currently it's trading above the first support zone and if it holds it should continue upwards to test the first zone of resistance at $8613.
Comment: My mistake, the RSI reversed off of the *480's* bottom trendline NOT the daily's (was looking at the wrong chart while writing this). As a result, it's probable for BTC to continue down to retest middle support level before heading upwards to retest resistance.
Trade active: BTC has now contacted the RSI bottom trendline. Potential for a reversal here.
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