cryptoGats

Bitcoin - What can we expect this weekend?

BINANCE:BTCUSDT   Bitcoin / TetherUS
BTC has to make a decision very soon, either it keeps going downhill with the green trendline , or it hitches a ride with the 200MA and starts moving up. If it goes down with the trendline it will be going into a slippery slope. One thing you have to learn is that everything has a meaning, and when two lines converge it may stimulate price, so be ready for it. When a support line converges with a resistance line and price hits that juncture there's a 50/50 chance of it going up or down. When two support lines meet you have a 75% chance of going up, the opposite is true for 2 resistance lines. Right now we have a support and a resistance line converging.

As far as the Death Cross goes, it is in full effect and it will take a few days for it to turn it into a golden cross -- if we follow the current trajectory. What we are seeing at this point is not exactly out of the norm and what typically follows is a big drop . We can't say that this is going to happen but we can say what typically happens in such a scenario.

THE TREND: Going Down
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Thanks Gats, I was waiting for the update but you left good clues to understand what either move meant.
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cryptoGats forex-4ever
@forex-4ever, no prob, if we see significant movement I’ll do another update here.
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I'm not big into chart patterns (they are not always reliable) you can see that we are forming a "Bull flag" this is a perfect way to study the reliability of these types of patterns. Let's keep an eye on it and see which way it breaks, it is supposed to go up.
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BTC did make a choice and it has decided to run up the hill. However, it has hit a resistance line that goes back a few weeks, that resistance is not very strong but it has proven strong enough to stop momentum for now. Keep an eye on the triangle I am outlining here, BTC has to break out of it in a few days, which means that it has to make a decision very soon once again.
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Any update
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cryptoGats Binzaydan
@Binzaydan, no much has happened but I’ll do a quick one soon.
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Downward trend indeed, previous price action and indicators suggest the current price and indicators are too heavy, putting shorts in now.
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cryptoGats SHITSHILLER
@SHITSHILLER, thanks for sharing.
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How bad is it if it goes under the 50MA, will it recover quickly?
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cryptoGats forex-4ever
@forex-4ever, if it goes under the 50MA the death cross will be in full effect. You may not see price go above for a while.
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