BTC Bitcoin the big dog of them all -> Bullish or Bearish 5/5
Happy Cinco De Mayo,
I know too much going on with my BTC chart so pay attention to the details, Gann Fan Resistance 3/1 (orange) has to break and use as support, also needs to break 200 SMA (Red), Break out and up from the Rising Wedge (White) and needs more volume to break thru and then we would be in a better place :)
Bad news = Rising wedge if broken down then measured move down would be 220,575 (78% retracement $7,225)
Bad news continues = Negative Momentum on MACD, RSI bearish divergence, 200 SMA would be hard to break especially with low volume and its first attempt on day chart.
Good news = Bulls are in control so far, RSI is above 50, we broke the 61% and hooked and attempting to break 200 SMA, postive MTM on the 12HR chart, and heavy resistance at 11k area. (Overall Bullish Trend)
+ Educational purposes only and I like to place tight stop loss and monitor like a HAWK.
+Feedback is acceptable the good, the bad and the ugly.
Little dramatic I know :)
I know too much going on with my BTC chart so pay attention to the details, Gann Fan Resistance 3/1 (orange) has to break and use as support, also needs to break 200 SMA (Red), Break out and up from the Rising Wedge (White) and needs more volume to break thru and then we would be in a better place :)
Bad news = Rising wedge if broken down then measured move down would be 220,575 (78% retracement $7,225)
Bad news continues = Negative Momentum on MACD, RSI bearish divergence, 200 SMA would be hard to break especially with low volume and its first attempt on day chart.
Good news = Bulls are in control so far, RSI is above 50, we broke the 61% and hooked and attempting to break 200 SMA, postive MTM on the 12HR chart, and heavy resistance at 11k area. (Overall Bullish Trend)
+ Educational purposes only and I like to place tight stop loss and monitor like a HAWK.
+Feedback is acceptable the good, the bad and the ugly.
Little dramatic I know :)
Comment:
Amazing how TA works.
Comment:
Update 5/12/18 Bitcoin is bearish right now even excluding all the FUD because of the patterns developed before that. We are in a DEATH-CROSS state on the daily and could not break the 200ma (Red) with several attempts and if you see the 200ma was the resistance part of the Rising Wedge. ETH is looking better than BTC on daily with a GOLDen Cross.
