We're looking at Bitcoin's weekly timeframe because that's where the game is being played at this point. Why makes the 1W so important? 2 Major factors:
1. BTC has never melted below the 200MA (200 moving average) on the 1-week timeframe going back as far as 2015 (See image below), this means that BTC respects this Moving Average. One thing to be careful with is that the powers that be know you now have this info. Keep this in mind, they may either get close to the 200MA, not touch and go up from there or hit and for a couple of weeks close below the 200MA before going up. Nothing is guaranteed, all you can do is to have a game plan ready for either scenario.
2. For the first time BTC has 8 weeks' worth of red candles, this is new and unprecedented for Bitcoin. What does this mean? It means that a green candle is coming (This is guaranteed). Is it going to be a large green candle of recovery? Not necessarily but it could be. A lot of energy is building up towards the buy-side, this is a chance for a quick trade.
Looking at the above chart you can see that the odds of going down are greater than the odds of moving up.
The image above shows where we might be headed and where final support may be.
Above you can also see that there is a death cross on the 3Day timeframe. A death cross does not make price go down, rather it is an indication of how long and how far price has retracted from previous highs.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
1. BTC has never melted below the 200MA (200 moving average) on the 1-week timeframe going back as far as 2015 (See image below), this means that BTC respects this Moving Average. One thing to be careful with is that the powers that be know you now have this info. Keep this in mind, they may either get close to the 200MA, not touch and go up from there or hit and for a couple of weeks close below the 200MA before going up. Nothing is guaranteed, all you can do is to have a game plan ready for either scenario.
2. For the first time BTC has 8 weeks' worth of red candles, this is new and unprecedented for Bitcoin. What does this mean? It means that a green candle is coming (This is guaranteed). Is it going to be a large green candle of recovery? Not necessarily but it could be. A lot of energy is building up towards the buy-side, this is a chance for a quick trade.
Looking at the above chart you can see that the odds of going down are greater than the odds of moving up.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
