An update of my trading plan
One month after the first analysis, let’s have an update of the trading opportunity we had.
First of all, we also had a weekly higher high; normally the long term downtrend is finished; really good news for investors and bag holders.
The price took the right direction; the technical analysis was not so bad but it wasn’t the toughest...
Log scale - We are in a large long term range which has started more or less in August 2018 - With a little imagination we can also see a long term double bottom figure with a neckline at the same level of the upper edge of the range.
You can also clearly see a long term bearish trend line (in red) which cross an important horizontal long term resistance...
ICX is an interesting project but it’s difficult to consider a short term trading opportunity currently.
The bearish trend is so strong since the end of 2017 that it’s difficult to have a good chart overview without activating log scale option.
The weekly analysis doesn’t seem so complex. We are in a monthly descending wedge.
An important resistance zone can be...
Yesterday we touched the upper edge of our weekly down trend channel (marked in red).
Many decided to sell here. Important shadow, price blocked by the daily EMA200, the correction clearly began at that stage.
Yesterday we went back on the 0.38 fibo retracement level. In case buyers are capable to defend this level on a weekly basis; I will consider that as a good...
We are still in a weekly downtrend channel but we are also touching a strong horizontal support (in blue). We can also draw the center of the downtrend channel and considered its effect on prices.
Since 18 December, we entered in a small ascending channel and tonight we tried to go over the upper edge but without success. We can see higher lows and higher...
Higher lows in short term time frame
Convergence of several important supports (bottom of downtrend channel, horizontal support level, weekly trend line in green. The MT future of BTC is drawing gradually. Personally: 60% bullish / 40% bearish. Wait and see