I have not posted in awhile due to a busy life the last week or so and the market overall seems to be in a corrective state, however i believe for Bitcoin the correction may be coming to an end within the next few days.
Bitcoin is right below the lower Bollinger band and the Heikin Ashi candles are starting to shorten a bit. The BB% is oversold and shows some minimal signs of life. We are still above the 50 period moving average which is a good sign and over the last 48 hours have seen support at this point. Bearish volume is starting to drop itself. Still need to watch the trend though historically on the BB% indicator when Bitcoin has entered the oversold area we have seen a bounce. The degree of the bounce is yet to be determined, first resistance would be near 9200 by the 20 period moving average then the top band near 9800. Once we see a positive trend change, which using Heikin Ashi would be at least two good green candles, keep watch for a possible rally soon.
Bitcoin is right below the lower Bollinger band and the Heikin Ashi candles are starting to shorten a bit. The BB% is oversold and shows some minimal signs of life. We are still above the 50 period moving average which is a good sign and over the last 48 hours have seen support at this point. Bearish volume is starting to drop itself. Still need to watch the trend though historically on the BB% indicator when Bitcoin has entered the oversold area we have seen a bounce. The degree of the bounce is yet to be determined, first resistance would be near 9200 by the 20 period moving average then the top band near 9800. Once we see a positive trend change, which using Heikin Ashi would be at least two good green candles, keep watch for a possible rally soon.