Bitcoin was able to post an important up move that generated the first higher high in a small timeframe in a while. Bitcoin still has a long way to go and some obstacles to overcome in multiple timeframes for us to say that we are headed up. Let's go over the battles that BTC must fight. First, A while back on Aug 22, I showed you that when price crosses down below the 200MA on the 12H it tends to stay under for months. BTC did crossed down the 200MA on the 12H just five days after my warning on the 27th. Check out the link to that post below. As you can see the meltdown is not in one shot, it goes under and then above and under... Until it completely melts down for months.
Second, The green trendline on the 12H has now become resistance, that green line represents major resistance, it actually is the secondary trendline. BTC needs a lot of strength to be able to penetrate and stay above this line, so far it has stopped right on that line. In this timeframe in order for BTC to post a higher high we need to go over the channel line (faded red downtrend line) and around 12K, and that will not be easy. So far in this timeframe, we are still going downhill.
Third, In the 3D, we need to go above the pink trendline and the 10MA which is currently zapping the price. To post a higher high we need to go to 12.5 or higher which may not be easy. In other words, we are still headed downhill until we go over and above the obstacles covered here.
Second, The green trendline on the 12H has now become resistance, that green line represents major resistance, it actually is the secondary trendline. BTC needs a lot of strength to be able to penetrate and stay above this line, so far it has stopped right on that line. In this timeframe in order for BTC to post a higher high we need to go over the channel line (faded red downtrend line) and around 12K, and that will not be easy. So far in this timeframe, we are still going downhill.
Third, In the 3D, we need to go above the pink trendline and the 10MA which is currently zapping the price. To post a higher high we need to go to 12.5 or higher which may not be easy. In other words, we are still headed downhill until we go over and above the obstacles covered here.
