this indicator is about to turn green for the first time in 2018 on the daily. last time it went from red to green was in sept 2016. most traders are still waiting for a drop and this is what is keeping btc from starting the next jump. as soon as all the indicators will line up we will see a big green spike.
all i have done is to highlight the short term support and resistance. look at the angle of the support lines. if the trend continues, we are on the right track to complete the big yellow smile on the chart.
i know many are not convinced yet of the trend change because of the big green candle that made this trend change looking kind of artificial, but this could...
not ready yet ... just consolidating and building momentum
i was almost sure it will follow the pattern with the double top then down to the support zone but it looks like btc it's getting ready for anoter raly. maybe will go up to 11k and maybe the big guys doesn't decide to dump some coins
the pattern looks exactly the same but with BTC it's never that easy. everybody is waiting for the double top than down to test the support above 6k or even lower (which i don't think). let's see ...
this is just observation not trading advice
btc is reacting exactly as it did a few days ago when it touched the resistenace at 9k .. the pattern looks the same: going sideways, consolidating before another push up. traders looking for signs of strength to get back in
now you know why BTC is going up this way. the rsi is oversold because of the FOMO ... it's obvious that BTC broke out of the downtrend
as there is no major resistance until 11,7k don't expect any large correction soon.
this is why some alts are doing so well, look at EOS ... it went to 5S to 15$ in 2 weeks and it doesn't seem to stop very soon.
a small correction - right shoulder
next stop 13k. if this goes well it means the bear market is over ... bye bye 3k or any other bearish dream.
i wouldn't trade this correction or corrections because it looks very bullish and i don't see any major correction soon.
all TA's you see here on TV calling for a correction are from frustrated bears hopping to buy btc at...
the green channel shows exactly the newly formed uptrend.
as long as BTC is in the upper side of the green channel its extremly bullish, even if it falls under the middle line it stil is bullish.
on the weekly time frame MACD seems to be crossing bullish, some big players are accumulating and also pushing the market up (see the big green candles).
a lot of bears...
let's hope btc stays close to this green new trend line. VERY IMPORTANT (from my point of view): not to triple top at 11,7k.
my guess is that big players are pumping altcoins then invest the profits in btc. look back 10 days ago, EOS started the pump about 27 hours before that big green spike on BTC.
i'm not a professional trader, i'm just sharing my personal...
all TA on TV are either bullish or bearish but i really think that btc has to go sideways for a while without big bounces. if btc doesn't go under 6k and goes sideways almost in a straight line for a while we will se ATH again this year (maybe until summer).
As long as btc will bounce hard after a dip traders will be tempted to take profit and will make it dip...
there's no point in trading now, we all have better things to do instead of staring at this chart with pointless TA's.
i think that even with a brutal drop btc will not have the bounce it previously had. not even a bounce from 6k will get btc back to 11,7k
so i think nothing big will happen after btc will pass the crossing point of the 2 trend lines, will continue...
can't be wrong with this post ... i covered almost all scenaios.
no need for description .... the arrows make a clear picture of the road ahead.
don't use this for trading, it's just my ideea of how things could develop in the future.
Like if you agree
right now btc is not bearish at all, as i see on some apocalyptic TA's. right now it is consolidating and creating support for the next jump.
the longer btc is trading sideways, the lower and closer it will be to the top of the downtrend channel so the next jump could boost it above it.
if btc follows the behavior from the last drop (from the double top) it means ...