The new trend I identified on January 28th has held true. Despite wanting to panic sell yesterday, I held to my strategy and Bitcoin is moving up again. The RSI appears to have bounced off of a historic resistance line at 52. Stoch RSI looks as if it is bottoming out and setting up for a new move up but this will not be true until blue crosses red and confirms...
The new trend identified last week seams to be holding true. We have been and currently are facing strong resistance. These resistance points are about 9,543 (profit taking from new 4 month high) 10,000 (historical resistance) 10,500 (new higher high in a new 4 month trend.)
RSI, Stoch RSI, and ADX and DI have all switched from a slow drop to rising aggressively...
Bitcoin has broken the 200-day moving average but has run into heavy resistance. If the pattern created on April 2, 2019 is to repeat itself, we need buyers to come in strong for the remainder of the day.
When comparing this move to the similar move back on April 2, 2019, we see the RSI is on track but needs to rise above 70, Stoch RSI is continuing to climb but...
We are set up to repeat a move that began on April 2, 2019. On this date we were approaching a golden cross in which the 50 day moving average was preparing to cross the 200 day moving average. Market structure was broken resulting in a move of 234.96% over 85 days. If this was to repeat, this would bring us up to about 20,500. However, this there is a lot more...
Current market structure has not been broken. We are in a bear market. We have tested the top trend line and been rejected. The last 3 times we tested this line and failed we had a 30% drop respectively. This takes us to $6,340.