So We have major Support line that preceded our two big bull runs in Nov 17 an Feb 18. Its interesting to me that it tested the downtrend line from our December and February highs. The next significant level is the green support line that began BTC's epic run in Nov '17 and the smaller rally in Feb '18.
The question is will the combined powers of the red...
Last time this happened COINBASE:BTCUSD saw a fall of about 35% over the coming month but our market is moving much faster now. We are also moving toward a double bottom at 6k first formed in the Feb lows and also about to intersect our downtrend line from December 2017. Will it get that Low??? We've had some very shy bulls and that impending death cross is not...
Low Volume and an RSI that is still a little high may push our the market sideways at the 50MA till we reach the infamous "Death Cross" in the next 24 to 48 hours. I'll discuss in my next idea...
if you like Dont forget to push that button :)
So I have marked with pink circles every time the RSI has descended from overbought thru the 47 mark that we are at now, and the corresponding drop in price since the Feb highs.
If you refer to my previous chart this too proved a very accurate measure of the weak knees evident at high RSI values where I predicted a likely bounce at the 200 day MA.
I've been looking for the next opportunity to buy in, but as i look at the RSI up in the mid 60's and hitting that 100MA line I'm thinking that it may be more likely to head south 70% than North 30%.
Any feedback from experienced TA's greatly appreciated.
So we are now comfortable below the 50,100 and 200 day moving averages RSI is dropping it seems. There is still low volume but the last time we touched this line The volume went ballistic.
So Down or Up?
Peace and prosperity 2U
Haven't figured out how to update my previous post lol, but the "red bounce" that's occurred since my previous post is clear.
This line follows my previous post where I announced the probable breakout and ensuing support earlier before the FUD's took over and sent it back below the line.
Please like if you like :)
But more importantly, please comment about...
This is the downtrend line I published back in February, I was positive about the breakout happening and bullish for it to continue. Which it did after some hesitant sideways movement. once the FUD's took hold the support line got broken without any resistance and now we are below once again.
The red arrow shows we are on the cusp of breaking through again,...
The first Big Hurdle was to Turn that Powerful resistance Line into a support line, as the Bulls have finally taken hold. As a novice I don't understand all the other factors involved, however an upward move now that is equivalent to the same height as the cup, should see a rally all the way up to $14,300.
Let's see how this scenario pans out and if other TA can...
For the first time in 3 months we have crossed this resistance line. The Cup and handle breakout of my previous post Should now proceed to $14k barring resistance at the 12k zone.
Let me know if you agree or disagree
If the history of this pattern repeats and we see a breakout as deep as the cup, it is clearly possible.
Caveat at the 12k level and the Blue resistance line. Seems like Clear air beyond these levels to $14,300. Shout out to Steve who spotted this pattern 15 hours ago at the very bottom of the Handle.
According to Steve my source for simple trading. This cup and handle pattern is textbook, He drew this up 15 hours ago and the market is responding as he predicted. with caution at the 12k level and also the blue major resistance line. link below youtu.be
Happy for feedback
Hey, As a Newb to trading I love the community here and i am learning a lot... What do you think of these two simple Buy Signals and how they relate to the current Crypto environment?
1. Is the RSI under 40 on the 1 year chart.
2. Is the price below the 50 or 100 or 200 day moving averages.