To be clear what exactly is BTC waiting for in order to keep going up? Simple, a set up that will generate a lot of buyers, do we have one insight? Yes, look at my 3-day timeframe chart and any of the two green X's are setups that will entice buyers. Now, there are 4 things that prevent us from even thinking about putting money into BTC. A death cross on the 12H, a broken trendline, also BTC has fallen below the 50MA on the 1D and lastly, we are at the top of a triangle on a major timeframe.
Looking at multiple timeframes there are numerous red flags. On the 6H timeframe, we are under a death cross and BTC failed to move up decisively.
On the 12Hour there are multiple red flags as mentioned above: 1. Price fell out of the up trendline. 2. A death cross 3. Anemic volume 4. BTC Was rejected by the downtrend line
On the daily we have been trading under the 50MA while creating lower highs.
On the 3 Day timeframe, we are at the very top of a down trendline. One of the golden rules of trading is to never buy the top of any channel or triangle. We have been waiting for a long time for BTC to break through this barrier and simply put, there are no buyers at this point. Chances are growing that we will have a big drop again soon.
I'll close with this; BTC always wants to get back to the 200MA on the daily and we are still far away from it. It can't keep moving up unless it touches base with this very important moving average.
THE TREND: Going down. THE OUTLOOK: Unsafe to buy BTC .
Be safe and follow me to stay ahead of the curve.
Comment
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This is the battleground for BTC. It is struggling to stay above the 200 MA in the 2Hour timeframe. As soon as it falls under and closes it will signal another drop. The odds are good that it will. Why? It hasn't been able to make a higher high in this timeframe.
Trade closed: target reached
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Said and done. I hope you guys are profiting from this calls. Please comment and share, it makes a difference to know someone out there is benefiting.