BTC is currently resting atop the 100 moving average on the 1-day chart, this moving average is going to start pressing Bitcoin for an answer in the next few days. As you can see the ceiling, for now, is the white resistance line. I am optimistic that BTC will jump above the resistance line, why? We have not lost the 100 as support for a few days, this means that BTC wants to use it as a base to spring up above. Also, another small sign is that the 100 is beginning to point up. Need another sign? Ok, we hit the 50% pullback (retracement) and bounced up from there, that's a sign of a healthy run. Again and again, we are still under a death cross which means we are only partially excited about BTC going up because this run could be over at the 100 moving average, which will be a pretty good payday for a lot of us.
Over at the 3-day chart, we don't have the best of news for the long term since the 50 moving average is crossing the 100 moving average down. When a faster-moving average is below a slower moving one it is not good. To understand this in an easier way let me put it like this; If the 20 crosses below the 50 that's not good if the 50 crosses below the 100 that's not good. Overall if a moving average with a smaller number crosses down one with a higher number, it could mean bad news. Below you can see the 50 in yellow wanting to cross the 100 in blue. It is not a major thing but let's put a pin on it. If we find more bad news on other time frames then we'll start to worry.
THIS IS THE IMPORTANT PART
Let's look at the relationship that the 200 Moving average has with price (use the main 1 day chart as reference). We are also going to look at the behavior of this moving average while we are under the 50/200MA death cross. Typically BTC will drop in price (which it already did) and then it will form a base (which it's in the process of doing) it will then start taking shots from that base at the 200 moving average and it will get rejected a few times (We have not done that even once yet.) The base, for now, appears to be $6800 it will then use this base price to take a shot at the 200MA which is at $9100, it will more than likely get rejected back to the $6800 region.
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.
Why has the "B" for bitcoin in my chart gone from red to yellow? Because we have stopped doing lower lows and we have exited the secondary downtrend channel. BTC is acting neutral for now.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
NOW, THE LEGEND;
Support trend lines are green
Resistance trend lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down
THE OUTLOOK: A rally may be coming soon.
Over at the 3-day chart, we don't have the best of news for the long term since the 50 moving average is crossing the 100 moving average down. When a faster-moving average is below a slower moving one it is not good. To understand this in an easier way let me put it like this; If the 20 crosses below the 50 that's not good if the 50 crosses below the 100 that's not good. Overall if a moving average with a smaller number crosses down one with a higher number, it could mean bad news. Below you can see the 50 in yellow wanting to cross the 100 in blue. It is not a major thing but let's put a pin on it. If we find more bad news on other time frames then we'll start to worry.
THIS IS THE IMPORTANT PART
Let's look at the relationship that the 200 Moving average has with price (use the main 1 day chart as reference). We are also going to look at the behavior of this moving average while we are under the 50/200MA death cross. Typically BTC will drop in price (which it already did) and then it will form a base (which it's in the process of doing) it will then start taking shots from that base at the 200 moving average and it will get rejected a few times (We have not done that even once yet.) The base, for now, appears to be $6800 it will then use this base price to take a shot at the 200MA which is at $9100, it will more than likely get rejected back to the $6800 region.
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.
Why has the "B" for bitcoin in my chart gone from red to yellow? Because we have stopped doing lower lows and we have exited the secondary downtrend channel. BTC is acting neutral for now.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
NOW, THE LEGEND;
Support trend lines are green
Resistance trend lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down
THE OUTLOOK: A rally may be coming soon.
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This is how you know for sure that you are using the Fibo tool right, when you see price cluster around one of the lines (example 1) or when price hits the line perfectly (example 2.)
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Over the resistance point for now, we have to close this candle above the white line for it to be good news. As a side note, we are nearly there boys! We are at $8440 and the finish line is $9100.00
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KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
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8:54pm EST, BTC is fighting the 50MA in the 3 day chart. We have to close above this moving average to continue moving up.
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For mid term traders CLOSE ALL YOUR POSITIONS that means Altcoins as well as soon as we hit the 200MA on the 1 day time frame.
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LONG TERM TRADERS ALSO CLOSE ALL POSITIONS AT YOUR DISCRETION ONCE WE HIT THE 200 MOVING AVERAGE ON THE 1 DAY CHART. WE CAN JUMP BACK IN ONCE IT PULLS BACK.
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We are just a few hundred dollars away from our goal. I showed you guys weeks back that this was going to happen, for those just following and for those that have followed me for months, I have showed you that technical analysis does unequivocally work. If you know what you are doing.
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I hope most of you have truly followed along as I was showing you the many little clues that are left behind which makes it hard to be fooled by the manipulators of assets. As I kept telling you that we were going up, I kept seeing other TAs saying that we were going down. As I pointed out a few times going down is part of going up and that there is good "going down" and bad "going down". As you can see in the image below we did indeed go down but where it stopped told us a lot, it told us that the trend was strong and that we were going up, and look at where we are now.
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KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
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Looking good lads!
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Making money trading is very real. You have to know which time frame, which moving average, and where the bottom is. Over the last few weeks I was teaching you guys step by step how this gets done. Now... WHO WANTS TO LEARN HOW I DID IT? School opens very soon! One on one classes.
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IMPORTANT: If you booked profits do not jump in right away again. There is a good entry point coming up.
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It has been all good times, we had to retrace a little. We'll see how low this pull back goes. Some reference points still there for you. To be clear I have not yet sold anything. I am waiting for contact or very near contact with the 200 MA on the 1 Day chart.
