cryptoGats

Bitcoin - Let's keep an eye on this!

BINANCE:BTCUSDT   Bitcoin / TetherUS
In my last post, I touched on the "Possible Rocket Fuel Area." This area has a lot of support from multiple angles which typically makes it hard to break and easy to stage a comeback from. These types of spots are not easy to find so the Algos count on just a few people knowing about it so it makes it even more likely that a quick jump can happen here. We have now closed 2 times above support so we will see where this leads. Before I forget, I don't want you to think that we need to hit the sweet spot precisely, if the rally is going to happen it will happen between now and the 15th of December, we may even have to melt down a little to hit $6400 - $6300 before bouncing up. As I mentioned before the likely destination is the 200MA, which is linning up nicely with the top of the downtrend channel . At that point, there are 2 scenarios; hit and meltdown or hit and decisively go over the 200MA. The right thing to do is to sell as soon as we hit and wait to see if we close above or below the 200MA.

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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
THE OUTLOOK: Begining to see the end of the downtrend a rally may be coming soon.
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Comments

Watching your daily chart like wet paint. Thanks for the update.
+3 Reply
The reason for all of this is because we are still under a death cross which makes the move to the 200 MA predictable.
+2 Reply
I bet the rocket fuel area is between 5000 and 6000
Reply
@cryptoGats, could you please specify, when are you talking about hitting 200 MA, which chart time frame do you mean, 4h or 1D?
Reply
@Satei, On the chart above which is the 1D timeframe. The white line that's closest to the 38.2%.
Reply
Satei cryptoGats
@cryptoGats, thank you.
Reply
Update please thank u
Reply
cryptoGats Juliakhalil5
@Juliakhalil5, Coming very soon but this is a tough weekend.
Reply
Hi cryptoGats, thanks for your analysis. I really like the way you keep things simple. I was wondering if you still expect a retest at +/- 6500 before a possible rally in December?
Reply
@CLS_1, Hi Friend, It is a possibility but not guaranteed so we have to be on the lookout.
Reply
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