cryptoGats

Bitcoin - The path forward short and sweet

BINANCE:BTCUSDT   Bitcoin / TetherUS
If BTC closes a daily candle under such strong support (which now becomes resistance) the odds of melting down to the next rest area go up, and the more candles we close under such resistance the pull/gravity of the $6500 - 7K area will force BTC to land there. Once there, the majority of the high performing Alts will be at good entry points. Signs are showing that a move down is more likely to happen than a recovery. Keep in mind that the exchanges reserve the power to manipulate the price and so you can easily see a strong move up to test the 200MA in the next few days or weeks. That is not a recovery, it's simply a normal way for price to test if BTC is ready to go up and at which point it will be rejected. Why? Because the first test never succeeds, under a death-cross price will test the 200MA a few times and it will succeed only after a long period of accumulation.

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NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines 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, we have not made a new higher high
THE OUTLOOK: Expected to go down, unexpected if it goes up.





Nov 21
Comment: There are too many red candles in a row in the daily chart, we are due for a green candle before weeks end.
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THIS IS WHAT IT LOOKS LIKE TO BE UNDER A DEATH CROSS.
+4 Reply
@cryptoGats, thank you for your analyses. The same chart for quite a long time already and still valid. Amazing work. Following you and reading every update brought peace to my mind :) Thank you! Just noticed you have changed the percentage of the capital which you are investing at the current price level from 50 to 35. Does it mean you are now more convinced it will reach the mother of all buy zones? :)
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@Satei, Hi friend, yes good eye. I think we may reach down to $6500 so I’ll leave a bit of cash for that. Now the “mother of buy zones” has opened as a small possibility but let’s not count on that just yet but yes that was an influential factor in changing the percentage.
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Before the weeks end? Are you sure?
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cryptoGats monguilhot
@monguilhot, yes, on the daily chart you will not see more than 5 candles of the same color. It has been done before when 7 candles of the same color were printed by it is very rare. The greater point is that BTC will attempt a move up very soon.
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Interesting idea!
This is my recent analysis on BTC. The Heikin-Ashi conforms to the downtrend. It's one more confirmation that we have a mid term downtrend.
Would be great to hear your thoughts on this
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@Anpu, thanks for sharing.
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