This is why I don't share the optimism some BTC chartists.
1. Downward sloping curve since Dec 18 (11 months)
2. 4 failed breakouts
3. Support at around 6150
4. Decreasing volume for those same 11 months.
5. Failed to stay about 61.8 fib line
6. Broke through the triangle wedge but is only going sideways.
Just pretend for a minute that you didn't know what asset this chart represented. Would you buy it?
I wouldn't until it showed me
1. Break above and maintain above 6750
2. More confirmation break out above 200 MA 7066
3. Increased volume at least 15K candles not 5k candles that we have now
It's better to be honest with yourself than trying to see things through rose colored glasses.
Does BTC have potential to break upward, Of course!
However the charts don't show me this at this time.
1. Downward sloping curve since Dec 18 (11 months)
2. 4 failed breakouts
3. Support at around 6150
4. Decreasing volume for those same 11 months.
5. Failed to stay about 61.8 fib line
6. Broke through the triangle wedge but is only going sideways.
Just pretend for a minute that you didn't know what asset this chart represented. Would you buy it?
I wouldn't until it showed me
1. Break above and maintain above 6750
2. More confirmation break out above 200 MA 7066
3. Increased volume at least 15K candles not 5k candles that we have now
It's better to be honest with yourself than trying to see things through rose colored glasses.
Does BTC have potential to break upward, Of course!
However the charts don't show me this at this time.
There is a lot of people out there saying that a break out is eminent. Perhaps there is...but look at the longer term trend up to this point it would say otherwise, it has been downward.
We have just started a sideways formation since Sept. 9. The volume is still very low topping out at just below 6k in Nov.. I would just wait it out and watch to see which way this goes. If it breaks down to 5000 we probably will hit a bottom. If it goes up with substantial volume (15k+) and can sustain it for longer than a day we could be on our way up.
At this point we are still getting lower monthly highs with 6150 support. I don't see this as a good sign. IMO a passing of the BTC asset backed etf's are a major catalyst for this thing to shoot upward. However, what could happen is that it's not passed or delayed and we probably will see more sideways action since I doubt hoddlers will let go of their stash at these low prices.