You may have noticed 90% of people were telling you that BTC is up and away and going on a run, however I was posting quite the opposite. To predict the direction on BTC you don't need to overlook things you can use very very basic indicators such as , if we are bouncing off a support like we were the .5fib and hitting resistance of the 200EMA the easiest way to see a winner is what the buys/volume are doing and here since we didn't have it rising it was getting sold off we knew that the 200EMA would win the battle. Another is check the crypto market BTC holds like 45% dominance of the market so if crypto market cap is going down daily then so is your BTC .
We now have the same thing at the lower level, you will see the current support line we are bouncing on I made this the black line on chart, the pink line on the chart is the .5 FIB if we don't close over the .5fib today then tomorrow we will head down to the next support at the $8350 or if we break this the .618 fib at $8200.
This is a great short opportunity I would be shorting this based off the close of the daily candle today and I will update chart. Currently the BTC looks weak we don't have enough buys to break the .5fib on chart so we may rest on current support for a while before we take another dip down.
I have placed on what I believe was always going to be an pattern, the reason I predicted this was just a pullback as we don't have any strength with crypto losing cash daily so therefore we don't have to support the move.
I have grey lines on chart showing the support levels below and will update you on entry if you decide to short many will just hold through this.
I want to point out the simple fact that the 200 day is showing BTC still has an underlying upward trend and since the last 6K drop we have never been into an oversold area so this is just clearly a correction which can take time, I would think that we will be heading back down to a closer point to the moving average and after we touch down we will get a real bounce with aggressive buys then see strong upward performance unlike these pullbacks.
The last 3 days have been the very best for trading alts as we had the BTC moving up which brings the alts with it I missed this as I was offline but I am back now and we continue.
Alt trades are only affected at the very moment BTC breaks support as people have alarms set and sells set on their BTC below each support allowing them to trade alts then the moment we break support they offload their BTC this is normal.
Cash Is King, we want that BTC to go down so we can turn and go up for the year! Lets hope this is the final dip for a while.
Please check out related articles these might also give you some insight.
At this stage we have no buys coming in and looks like it will break.
If only we could get it right every time we would be so rich!
Cash Is King!
I will wait for this 4H candle to close before I choose to buy more.
Overall Market is looking good today.
This does not mean we are out of the rough but if we close above the .786 fib on this chart we we will have targets in grey lines at 7800 and 8200.
$8200 being the .618 fib is another key level if we close over this we will have targets up to 11k.
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