In a smaller timeframe, BTC could show us which way the trend is leaning and in this case it will not take too long to find out. Price is resting on the 200MA on the 2H Timeframe and it is also being squeezed by the downtrend channel line. If we go over that channel line that would be a very small indicator, and if we melt that will let us know that BTC is trying to touch bottom once and again.
Also, The total Market cap indicator is showing that it has no volume to cross my resistance line in green which could be a sign of a down move. but let's wait and see how the above plays out in a few hours.
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: Ranging sideways
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
Also, The total Market cap indicator is showing that it has no volume to cross my resistance line in green which could be a sign of a down move. but let's wait and see how the above plays out in a few hours.
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: Ranging sideways
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
Comment:
In just a few hours it will be showtime. For now, BTC is lacking the volume needed to go over the trendline.
