After the recent selloff in the crypto market following the FTX news, things seem to have finally started cooling down. As we can see with a clear divergence in both the MACD and RSI between the recent bottom and June's bottom, in addition to the positive MACD crossover which marked most of the recent tops and bottoms, it seems that both INDEX:BTCUSD and the...
First, this is not entirely my idea. Someone posted it in chat, and then deleted it immediately and then I couldn't find them or their chart. But I saw it long enough to get the picture. The 3 bounces prior to this one since $17.8, have all crossed over above 30 on the RSI, on the 4 hour. Generally those aren't oversold enough conditions to make significant...
What's up everyone! 😃
The answer depends on many factors and we will be looking at a couple of different ones in the form of price acion patterns, indicators and reracements.
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Part 1:
The Daily Chart; Channel life, the daily SMAs/EMAs and the trend's Fibonacci levels.
- The Daily SMAs
50: 41.8k
100:...
The bounce you are noticing on the chart is just a continuation pattern that's all. I have analyzed BTC as well as the "Total Market Cap" provided by 'Tradingview" and got really fearful bearish movement. So be careful while opening any "Long Position".
Prepare for BTC to continue falling within this descending channel.
Fibonacci levels that we could consolidate at are $37,390 and $35,760.
$35,760 could be a strong bounce, but I do not see $37,390 being a strong bounce, mainly consolidation followed by a clear move to the up or down side.
BTC broke out of the head and shoulders earlier today (28/5). Measured moved target would be 34k. We have a lot of support in this region mostly from January 2021. Lot of trading volume in this range (32-34k). So we wait for a bounce (if there is on), then buy back in on the retest on the 4H timeframe.
THE BIGGEST SCAM COIN EVERY MADE, THE BIGGEST PARADISE FOR SCAMMARS.
OK NOW LET'S GO BACK TO HIGH IQ VERSION OF MY SMALL BRAIN.
THIS IS THE BOTTOM, TAPPED THE WEEKLY 200MA AND BAGS FILLED, I CAN ASSURE YOU THIS IS GOING TO RIP UPWARDS AND KILL SOME BERAS.
