BTC failed 2 out of the 3 benchmarks for going up and showing strength. It was not able to close above the 50MA on the 4H time frame nor did it close above the 50MA on the weekly chart.
This is the 4H view
This is the weekly
So what's left now for BTC and what can we read from the important 1D chart (the main one above.) BTC is still walking up the green line (which is good) and can be indicative of trying to find a bottom. It has not closed once below this line since Nov. 22nd, for sure BTC is throwing signs that this line could be the bottom but BTC is heavily manipulated so the best thing to do is wait and see. You should all be good if we take off from here you should be 60 - 75% in and leaving the rest of your cash out just in case BTC decides to go to $4800/which is the same as the 200MA on the weekly.
One last thing to note is that on the 3D chart (3-day chart) the 200MA is holding BTC's head above the water. This MA has been holding BTC up since Nov, 20th it is not coincidental that the daily trend line is doing the same. This chart is one that we should keep our eye on. The two questions here are: Is BTC going to go below the trend line by following the 200MA which is about to cross it? Or once BTC gets to the trend line is it going to start walking up? This is a make or break thing next week. I can tell you this; We can't afford to be going down so slowly and for so long anymore. Too many bad indicators are adding up and they will send BTC plunging. It is time that BTC wakes up and starts pushing up again. It is not too late to get into Alts like ETH, LTC, BNB and NEO for the long term, just saying.
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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 but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
This is the 4H view
This is the weekly
So what's left now for BTC and what can we read from the important 1D chart (the main one above.) BTC is still walking up the green line (which is good) and can be indicative of trying to find a bottom. It has not closed once below this line since Nov. 22nd, for sure BTC is throwing signs that this line could be the bottom but BTC is heavily manipulated so the best thing to do is wait and see. You should all be good if we take off from here you should be 60 - 75% in and leaving the rest of your cash out just in case BTC decides to go to $4800/which is the same as the 200MA on the weekly.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of paying me for my time.
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 but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
Comment:
What this drop means is that the odds of going to $4800 keep growing.
Comment:
For the drop to be of real concern we have to close one daily candle below the green trend line.
Comment:
For those following the 3D chart, it looks like BTC is crossing the danger zone.
Comment:
Ok so basically BTC is dancing on the edge of the last barrier between here and $4800.
