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 . 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 are green
Resistance 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.