BTSBTC : Nice formation. Support hold.
Hi guys,
In my last post, I was showing a monstruous year long wedge :
Lower support seems to have hold. Descending wedge are a shift between demand and offer, the only thing to make it valid is the lower support angle must be less than the angle of the resistance. We are very near the apex and we should see a new trend forming (different ratio of demand and offer) on the mid term. Normally we see an uptrend but lets be conservative here after this year of bearish market and not take it for granted. This is still a high risk time but I entered when price was 0.035, lets see what happen.
Im expecting a bounce and no lower low (IN BTSBTC not BTSUSD). You can see an imminent MACD-signal bullish crossover in the daily. However, the weekly is not fully in position. Still histogram contracting and MACD stay near the signal but still under it. Overall, i project BTSBTC on mid term to go near 1400 as daily suggest a short term bounce. It takes 7 days to complet a set of data on weekly so lets update once we are there :
In my last post, I was showing a monstruous year long wedge :
Lower support seems to have hold. Descending wedge are a shift between demand and offer, the only thing to make it valid is the lower support angle must be less than the angle of the resistance. We are very near the apex and we should see a new trend forming (different ratio of demand and offer) on the mid term. Normally we see an uptrend but lets be conservative here after this year of bearish market and not take it for granted. This is still a high risk time but I entered when price was 0.035, lets see what happen.
Im expecting a bounce and no lower low (IN BTSBTC not BTSUSD). You can see an imminent MACD-signal bullish crossover in the daily. However, the weekly is not fully in position. Still histogram contracting and MACD stay near the signal but still under it. Overall, i project BTSBTC on mid term to go near 1400 as daily suggest a short term bounce. It takes 7 days to complet a set of data on weekly so lets update once we are there :
Trade active:
Good thing is BTSBTC seems to have found a new trend/supply zone. See the purple line in this chart. It was green in the original post. If this trend is valid it means to we are starting to exit the downward wedge and the demand adjust from negative price trend to neutral price trend :
If we gain slowly some higher lows we will have an upward new trend as expected. Of course projection in time cannot be effectively made on this until we have more data to speculate on a new uptrend. Right now, its more neutral trend with the purple line as lower support, previous one was the downward price green trend line from the wedge.
If we gain slowly some higher lows we will have an upward new trend as expected. Of course projection in time cannot be effectively made on this until we have more data to speculate on a new uptrend. Right now, its more neutral trend with the purple line as lower support, previous one was the downward price green trend line from the wedge.
Trade active:
I expect a 1240 sats target since 4h have an expanded flat:
New post when data gets clearer.
MACD not in the best position. higher chance of bearish crossover but that doesnt excluded testing higher resistance before retracing. more details to come
New post when data gets clearer.
MACD not in the best position. higher chance of bearish crossover but that doesnt excluded testing higher resistance before retracing. more details to come
Trade closed: target reached:
short term target reached :