This is a very simple long trend analysis for Bitcoin . White line is the primary trend to be observed and analyzed here.
Rule set 1:
- When white line slopes up, BTC moons;
- When white line slopes down, BTC dumps.
Rule set 2:
-When line is above dotted horizontal line it's bull zone;
- When line is below dotted line it's bear zone.
Where are we?
Line is above...
Forget the drop from 10k to 8k. Based on the indicator, Bitcoin looks to be gearing up for a lot more downtrend and without any delay. A cross under of the two lines occurring below the zero line is highly indicative of extreme bearish sentiments.
LTC long to 0.011157 btc and possibly 0.011537 btc is a highly likely move.
1. Hidden bullish divergence on indicator.
2. Price action is above MA.
3. Divergence tool reversed to the upside and background is currently green.
XBT BTC is expected to test 10854 and possibly 10567. A sell/short will be a logical move. Look for reversal at these price levels.
There's a strong SUP at 10425. Keep an eye on that zone too. Look for reversal and or crossover to the upside on the divergence tool at the aforementioned levels for a long position.