Haven't done an update in a while but I'm back to share my 2 cents.
We're looking at the weekly chart to get a better view of the bigger picture. 2018 has been a strong bear year and no signs show that the downtrend is over. In fact, we could be getting ready for another move down. Couple clues that I've loaded on the chart indicates such a move.
When we had a big dip towards the end of 2018 July, that was the beginning of a long horizontal movement. As I've indicated on the chart, the movement lasted for approximately 90 days with volatility of 35% (price range from lowest to highest).
Compare this to what's happening now.
We had a near -50% devaluation of BTC in 2018 mid November and we've had a horizontal movement since; with volatility of 35%.
Compare the volume movement from then and now. After a big sell volume, there was a decreasing trend in volume which led to another big sell volume. Now we're seeing a steeper decrease in volume which leads me to believe that we may soon see another big volume movement, either bear or bull. But with everything that's been happening and as the trend indicates, a big sell volume is more likely.
One more thing. I loaded up the 200EMA and 200MA to show that currently we're in the middle of the two. Investors once said that the price won't break below the 200EMA, but they were wrong. Now we have investors saying that the price won't break below the 200MA, but they could very well be proven wrong.
Unless you're trading actively on a day to day, I suggest you just keep an eye on the market.
We're looking at the weekly chart to get a better view of the bigger picture. 2018 has been a strong bear year and no signs show that the downtrend is over. In fact, we could be getting ready for another move down. Couple clues that I've loaded on the chart indicates such a move.
When we had a big dip towards the end of 2018 July, that was the beginning of a long horizontal movement. As I've indicated on the chart, the movement lasted for approximately 90 days with volatility of 35% (price range from lowest to highest).
Compare this to what's happening now.
We had a near -50% devaluation of BTC in 2018 mid November and we've had a horizontal movement since; with volatility of 35%.
Compare the volume movement from then and now. After a big sell volume, there was a decreasing trend in volume which led to another big sell volume. Now we're seeing a steeper decrease in volume which leads me to believe that we may soon see another big volume movement, either bear or bull. But with everything that's been happening and as the trend indicates, a big sell volume is more likely.
One more thing. I loaded up the 200EMA and 200MA to show that currently we're in the middle of the two. Investors once said that the price won't break below the 200EMA, but they were wrong. Now we have investors saying that the price won't break below the 200MA, but they could very well be proven wrong.
Unless you're trading actively on a day to day, I suggest you just keep an eye on the market.