BTC is approaching this 6k low mark. I believe that a bounce is very much in the cards at this point to at least $7,500. Could this be wrong? Absolutely, but historically you can see that these indicators have provided a solid level for bounces.
Here is the case for it:
1. Look at RSI historically and match it up with these previous low points. It's been a good indicator of getting a solid bounce.
2. a MACD crossover would provide confirmation, it's also not looking very strong on the negative side
3. This area above $6k has proved to be a MAJOR support level
4. This downtrend channel is converging on these points
Some Alternate Analysis: If you look at a lot of these Alt Coins, we are getting significant moves up. Shouldn't BTC follow? Check out EOS, its breaking highs. If you are going to participate in the alt market, you gotta buy btc or eth if you don't want to miss out. We have seen alt's move up without btc or eth moving up, seems peculiar doesn't it?
Things to look for to confirm a move to the upside.
We need it to break 7.5k for a move up to 8.25k, from there 9k is the major resistance point. Ideally you want to use a trailing stop for these plays
Happy Trading. Don't stress, pick your points, and don't use leverage!
-Sherem
one of my previous calls on BTC -
This RSI method worked very well last time on ETH -
Here is the case for it:
1. Look at RSI historically and match it up with these previous low points. It's been a good indicator of getting a solid bounce.
2. a MACD crossover would provide confirmation, it's also not looking very strong on the negative side
3. This area above $6k has proved to be a MAJOR support level
4. This downtrend channel is converging on these points
Some Alternate Analysis: If you look at a lot of these Alt Coins, we are getting significant moves up. Shouldn't BTC follow? Check out EOS, its breaking highs. If you are going to participate in the alt market, you gotta buy btc or eth if you don't want to miss out. We have seen alt's move up without btc or eth moving up, seems peculiar doesn't it?
Things to look for to confirm a move to the upside.
We need it to break 7.5k for a move up to 8.25k, from there 9k is the major resistance point. Ideally you want to use a trailing stop for these plays
Happy Trading. Don't stress, pick your points, and don't use leverage!
-Sherem
one of my previous calls on BTC -
This RSI method worked very well last time on ETH -
Comment:
Starting to get a solid bounce off this 6,700 level even before it pushed lower. We are pushing to 7k. Look for a break of 7.2k to push up to 7.5k, then 8k after. ETH is leading the way on this one so far. Some people are saying this is a good point to hodl... hard to tell whether thats the case yet
Comment:
Chart update: We are forming this mini ascending triangle which looks like it's going to correspond with this smaller trendline around this 7200ish level. Once we get a break of this, look for resistance at 7.5k and 8k. While 8k area is my target at this point. This could very well easily push to 9k to this larger trendline but will take it's time if it does that. Ideally, I would like to get out at 8k and back in at 7.5k, but gotta wait for the market to tell us what's happening to determine if that will work or not.
Another note: Why this isn't a flag - look at the previous consolidation phase where we formed a continuation flag on the 27th, notice how it was NOT forming "higher lows" like we are now? Very different pattern at the moment. this could test lower, but it's looking like it's going to move up for the time being.
Another note: Why this isn't a flag - look at the previous consolidation phase where we formed a continuation flag on the 27th, notice how it was NOT forming "higher lows" like we are now? Very different pattern at the moment. this could test lower, but it's looking like it's going to move up for the time being.
Comment:
Anywhere between now and the 6k area is possible for a bounce, we are in oversold territory. Since it is a holiday weekend, I would imagine a large bounce wouldn't happen until later when the Asian trading session starts, but we will see.
If you are trading with stops, the proper stop is under 5.75k. If you are trading martingale style, you need buys laddered down to 4k.
If you are trading with stops, the proper stop is under 5.75k. If you are trading martingale style, you need buys laddered down to 4k.
Comment:
Went a bit further with analysis in a new post -
Comment:
The longer this goes sideways, the better chance of a move up IMO. It will only help the larger time frames. Plus we are KINDA forming an inverted head and shoulders, with the right shoulder is really not coming back down at all. We'll see what happens here. This $7,200 area is really putting up a fight. If we blow through $7,200 I don't think 7,500 is going to matter, it will go to the 8k area quick.
Note the Divergence in the lower time frame in RSI as well.
Note the Divergence in the lower time frame in RSI as well.
Comment:
We are fast approaching this $7,200 level. If we crack it, buckle up.
Oh, if my analysis helped you please smash that like button and let me know. thanks.
Oh, if my analysis helped you please smash that like button and let me know. thanks.