Hey guys - After what seems like an eternity trading sideways (with a few minor swings up and down), at last, we think there may some news, good news if you're a trader too! Possibly not so good if you're Hodling! Looks like BTC may be heading down in the near future.
We've been following a strong line of support all the way up from the lows at $4000 back in...
My bias is SELL BTCUSD,
The consolidation period is nearly over, the MAs are widening out for stronger price action. Breaking out of the two resistance levels we have marked out. "BTCUSD to 5K" Says CRYPTOWZRD, I am with this bias however i think we should take it one step at a time, so i shall be shorting bitcoin to 6.4K. With a stop loss slightly higher than...
If price stays below 10100 then the pennant scenario on the left will be the high probability scenario, but with the price a above 10100 the triangle will assume the role of high probability scenario
Price has been rejected from 8.3k for the 3rd time(circled where), Volume is declining overall, it's not looking too good. Confirmation is a clean break of 7.2k which ultimately would lead to around 5.8k-6.3k in the red box. I put my buys there as I expect it to be bought up. I'm about to 70% confident it will happen, but if it doesn't I will restrategize on a breakup.
Is the bear market over ? And what has to happen for BITCOIN to step into the bull market ?
Why is the 100 MA Weekly line the most important historical line for BITCOIN?
Because once bitcoin broke above it in 2015 it acted as support through out the whole bull market.
Once the big dip happened and it broke below you can see it acted as resitance multiple times...
The recent price action of the bulls defending support levels both in the Ascending Triangle and in the daily RSI show us that we are probably going to test the 5800-6000 level (forming a bearish divergence at the daily RSI ) before a big correction (I expect at least 20% from the top in this case).
Once price breaks out of this consolidation range we should see an impulse to our 2.6 fib extension @6250 (Breakout by Tuesday). I will expand on this idea once we break out and confirm the move to the upside. I will also share my thoughts on why I believe we can now safely assume that the bottom IS IN. Woohoo! Hope you guys have a wonderful Sunday.
Below is a...
