Today we're going to look into the mid and long term view to get a good idea of what is going to happen and when can we expect it to happen. One thing to note is that more money has been coming into crypto and it has stayed in, about 14 billion to be precise since the weekend and BTC keeps ranging which means that this influx of capital is being eaten by alts as well as Bitcoin.
Time for some TA on the 1D timeframe (The chart above)
As I said yesterday Bitcoin will try to print a green candle amongst all those red ones and make a run for the 200MA or even make a run at the green trendline but since we are still lacking volume it will likely fail (which it did.) So my sentiment is that we are still not done going down and BTC is still looking t the 7K - 6.5k area to make a bottom. The move down will likely go as far as 6500.00 but I think we will be done moving down at that point.
Let's look at the 3D timeframe to check out our road map for the next few months. I want you to focus on that green X right at the 61.8% retracement, it is also the 200MA which has also been joined by the 100MA and a couple of other minor supports. In short, this has become a very, very strong support area that does hold a lot of value when it comes to enticing buyers and institutions to put money back in. We should be arriving at that point in a few days or a couple of weeks max. We shall see what happens when we get there but I think it will generate a big green candle.
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: We should hit bottom soon
Be safe and follow me to make money and stay ahead of the curve.
Xena Exchange Resident xena.exchange
Time for some TA on the 1D timeframe (The chart above)
As I said yesterday Bitcoin will try to print a green candle amongst all those red ones and make a run for the 200MA or even make a run at the green trendline but since we are still lacking volume it will likely fail (which it did.) So my sentiment is that we are still not done going down and BTC is still looking t the 7K - 6.5k area to make a bottom. The move down will likely go as far as 6500.00 but I think we will be done moving down at that point.
Let's look at the 3D timeframe to check out our road map for the next few months. I want you to focus on that green X right at the 61.8% retracement, it is also the 200MA which has also been joined by the 100MA and a couple of other minor supports. In short, this has become a very, very strong support area that does hold a lot of value when it comes to enticing buyers and institutions to put money back in. We should be arriving at that point in a few days or a couple of weeks max. We shall see what happens when we get there but I think it will generate a big green candle.
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: We should hit bottom soon
Be safe and follow me to make money and stay ahead of the curve.
Xena Exchange Resident xena.exchange
