Bitcoin and the Bear, a Love story! [BTC]Hello everyone, I hope you are having an amazing day.
I'm here again today with another TA on BTCUSD
Bitcoin has failed several attempts of killing this Bear and now I present to you the possible bounce areas for the further drop we may see on the future. (See what I did there? Read the Bold words again.)
Let's break it down shall we?
First this White line is the Main Downtrend:
The Blue and Yellow lines are made of this lows:
The grey supports are valid for me because of how price reacted to it on the past, here take a look:
Still on these supports, I made this fib
Do you see how close it is to the supports I drew? I didn't find anything that matched the 23.6% that's why I didn't make it orange :P
Now to 'confirm' this Bearish action we have this:
50MA and 200MA almost crossing which starts for a Death Cross (Creepy name isn't it? :D) And after a weak Bull cross on the MACD we have a Bear one, momentum is also building up on the histogram.
As for Ichimoku we have a thick bear cloud, Tenkan (Blue) bellow Kijun (Red) and the Chikou (Green) is bellow current price, all of these are Bearish signals
As for Bollinger Bands we have the outer lines expanding in opposite ways which means we'll see high volatility
You can see that price (at the moment of this picture) was around $300 away from the line, this mean price will try to get back near it eventually before dropping more, the Bands are to be respected :)
As for Long/Short positions here we can see the amount of orders (for Bitfinex)
A spike down on Longs (Blue) and Shorts (Purple) building up.
This is it for now, I would like to warn you all that no updates will be posted from the 2nd to the 8th of April because I'll be on vacation!
The wolf has to rest :P Since I won't be able to post updates I recommend keeping an eye on other TA's by TOP traders :P
This is one of many ideas I've made, you can check my other older Ideas just open my profile and see!
I'll also leave my latest TA on DOGEBTC (which is still not active) for you to read ;)
DISCLAIMER:
This is my own personal opinion! Don't take what I say for granted, this is NOT financial advice. Don't spend what you can't afford to lose, and remember, patience is a key on this Crypto Market! Hold is life!
Trade safe and have a nice day!
