BTC appears to have bounced, for now.
If we use the 125 day moving average and assume that BTC follows a yearly cycle we can see the daily bounces off this line every time so far.
Lets see how this plays out over the next day or so and holds true.
The bottomed out RSI indicator is also close to the last bottomed out regions, although not yet quite as low....
After breaking free of the downtrend channel it has assumed position in a bearish triangle. It is bearish simply because I'm charting this as coming from a falling position. It is possible it could be considered coming from a rising position from the huge drop. IMO the safest play is to sell out here and either buy the break out or buy the dip on one of the fib lines.
Nice place to buy would be 460 on support at the bottom of the handle with stop loss at 440.
Alternatively wait for breakout but since buying on a support with a stop loss below support is minimal risk, there would be the better spot IMO.
Interesting, the other times the RSI has been in this spot from a rising position we have seen considering increase.
Can we do it again?
Start End Increase
934 1275 341
1240 1817 577
2778 4377 1599
4400 ???? ?????
App V2 will be launched in the 4th week of September. It's already forming a bullish symmetrical triangle with good volume and decent RSI indicators. Not unreasonable profit target considering previous highs.
Looking rather bearish, with the FUD at the moment, I couldn't suggest buying for any short term. Personally have set USDT buy at 3205. If it drops from there, I'm a trader, I'll work on trading to increase my BTC stack and not my USD stack. Aim that longer term BTC will be worth much more anyway. Can't stay out of the game too long!
SYS could have formed an ascending triangle. Generally bullish, MA, RSI and ICH all appear bullish still. If candle wicks are taken into the lines, could be a falling wedge which is more bullish.
If it breaks 7300-7350 resistance area it could be a great buy in. Buying could be done on the bottom of the support trend line with caution and tight stop loss for...
So the cloud is suggesting bullish and even more bullish just as we are getting to the end of the rising wedge (which typically falls outwards, Bearish). RSI is starting to get to the top end, also bearish. MA and EMA are not getting closer, crossover is not nearing yet which is still in the bullish zone.
Curious what will happen next. Short term, a little...