09/05/2020Another update.
Thinking back to previous charts I have posted and looking like the long term resistance has been broken...BUT... is this pre-Halving hype taking over or are we in for a correction sooner rather than later?
RSI looking oversold, MACD converging on itself and a long way from zero on the histogram the looks to be turning bearish. The long yellow support line only goes back just over a year but is still relevant as a support as it has only been broken through on the 'black Thursday' dump from which we have recovered and are now trading and testing the highs of 14K again.
IMO, we have tested this resistance alot ore than we have tested the support, I think the hype could be having a malor effect on this price movement as we have seen almost a $500 from the $10K mark overnight. I think BTC is oversold and most likely because of the recent news. All indicators, excepting price, are calling for a rejection and a correction.
I do see the correction coming either pre or post Halving but a healthy pull back is what we should be looking for.
If BTC can break the 10K mark then 10.5K would be the next target to break for a continuation upwards possibly to the 14K mark, although my opinion is we will correct sooner than we can break, giving me an estimated target of 9.5. If that continues to break down I thing the next stop would be 9.3 and further again 8800s.
All my own predictions and charting what I think. I know the descriptions are unclear but hopefully the charts are not as bad as my descriptions.
IMO, Bitcoin is oversold with the news and hype for the Halving and past the correction we were due for so maybe we wont see it happen for another month or so but I have no doubt we will see the correction. How large, and exactly when...I do not know though I would be ready for it when it comes.
I use other indicators also and most are telling me the same, the TD_Seq has also not changed and has been calling for a reversal for a while after printing a 9 top green yet as the price continues to rise, this has not changed.
Difficult times to trade and with the Halving on Monday, after weekend prices, I am very sceptical* of the moves we will see over this weekend and in the coming week post-Halving.
Trade responsibly, be careful with SLs and the weekend trading bots that are moving this market as we all see it today.
(I am having a bit of trouble with my tradingview account right now but hopefully it will be resolved and I won't have to start over again for those who see my ideas)
Thank you for taking the time to view my chart and if you think differently then please do feel free to comment and tell me what you think, I am very open to other ideas and would happily check them out and compare to my own.
PEACE!
