Where we are right now has all the makings of a temporary bottom, we've been trying to overcome this $7000 to $7500 area since November 21st, and at this point, the headline is that BTC refuses to go down, that shift I pointed out on the last post is very telling. If you look closely at my 1D chart you can see that we have been testing all kinds of support while running uphill, this tells me that BTC is setting up a temp bottom. Keep in mind that we are not risking anything at this point, we are just watching. That move up today might have been to rekt potential shorts. For now, let's keep an eye on price and the 50MA on the 1D, this moving average has been denying an up move since December 23rd. As of right now we are yet again trying to go over it, we'll have to see how that plays out. If we go over the 50MA we will try to run-up to the 100MA which is now combined with the red trend line and that my friends will be interesting to see.
As you can see --below-- Bitcoin has been staying above the 100 MA on the 1W chart, this week we have to close above $7600 to cement that bottom, if we don't, the instability will continue and going down simply opens up again.
What is happening right now is pure instability, I see exchanges wrecking shorts and stop-loss hunting. As I 've always told you, don't play the short-term game, continue to buy at the indicated spots and you should be fine in the long run. The "Mother of all buy zones" is still in play, the move up to the "Short term goal" is only a temporary move, long term I still see BTC moving down further.
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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
THE OUTLOOK: A rally may be coming soon.
As you can see --below-- Bitcoin has been staying above the 100 MA on the 1W chart, this week we have to close above $7600 to cement that bottom, if we don't, the instability will continue and going down simply opens up again.
What is happening right now is pure instability, I see exchanges wrecking shorts and stop-loss hunting. As I 've always told you, don't play the short-term game, continue to buy at the indicated spots and you should be fine in the long run. The "Mother of all buy zones" is still in play, the move up to the "Short term goal" is only a temporary move, long term I still see BTC moving down further.
VERY IMPORTANT: Hitting the "Like" button is like a tip for me, please don't forget to do so after reading, this is your way of thanking me for my time.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
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
THE OUTLOOK: A rally may be coming soon.
Comment:
This is how shady exchanges are, if you were to set a stop loss after placing your trade you would set it under the trend line, some cautious traders would place it well under it. Good luck chaps, you'll still get taken out. That's what those drops there below the trend line are. In my system you don't set stop losses until later on the trade, why? Because you buy so low it is not really needed asap.
Comment:
On the 6H BTC is stuck right in the middle not knowing which way to go. If we move above the 200MA (the white line) we keep going up if we go below the 50MA we go down.
Comment:
This is one of those scenarios where times is running out and a path has to be taken.
Comment:
Well... a path was chosen. BTC has gone over a few obstacles in multiple time frames. It has gone well over the 200MA on the 6H chart.
Comment:
We do have to keep pushing up and close above $7600 this week.
