BTC ACCUMULATION IN PROGRESS, FINDING PREVIOUS SUPPORT LEVELS
Between 10/8-10/10 we had a break of the consolidation triangle for a 48 hour span, and re-entered without any support until bouncing once again off the bottom trend line of the same consolidation triangle. On 10/15 we broke back out of the triangle and continued to form a new wave as it has rejected a push below 6,300 on 10/31.
I follow majority candle stick patterns and an EMA strategy I have been forming. With rejected of the 13&18 EMA crossover the 125&200 EMA, we are facing another bearish push down to test the previous support made by the consolidation triangle.
We had a crossover of the 13&18 EMA over the 55 EMA with a possible bounce off the 55 EMA now. IF this occurs, we can see a bullish attempt for the 13&18 EMA crossover the 125&200.
The 13EMA had a firm rejection of the 50 SMMA, more bearish sentiment.
I have been noticing a heavy amount of purchasing within OTC market and on exchanges, and I believe we have been in an accumulation phase for 2 months now, I do not see a push through 6,000 happening, and if it does, it will find support quickly around the 5,800 region and bounce back above the 6,000 region within a 4 hour candlestick. If a push thru this years low of 5,750 were to occur, a supportive area between 4,800-5,200 will be seen with a heavy push back up.
Large investors and wallstreet have been accumulating now for months, and normally you would assume they do not want to see lower levels BUT another idea could be the accumulation is meant for a large dump thru 6,000 down to 4,800 where they would be able to dip buy 15-20% worth of their positions.
As I trade these sketchy price levels, I follow a 10-4-1 hour chart in order for better confirmation of where we may be heading within the next 24-48 hours. The arrows are indicating possible outcomes. The current 10 hour candlestick is very bullish and has pushed back $40-50 off the bottom trend line.
We will most likely see some sideways action for the next couple days with price respecting the 6,300 support and the 6,600 resistance.
The red horizontal lines are previous support/resistance regions that price has respected over the last few months, I keep them there for further confirmation of price action.
I will also follow the public short/long positions as this is a very useful indicator
Btc Current price is 6,453
This was completed at 11:45 am Los Angeles Time
I follow majority candle stick patterns and an EMA strategy I have been forming. With rejected of the 13&18 EMA crossover the 125&200 EMA, we are facing another bearish push down to test the previous support made by the consolidation triangle.
We had a crossover of the 13&18 EMA over the 55 EMA with a possible bounce off the 55 EMA now. IF this occurs, we can see a bullish attempt for the 13&18 EMA crossover the 125&200.
The 13EMA had a firm rejection of the 50 SMMA, more bearish sentiment.
I have been noticing a heavy amount of purchasing within OTC market and on exchanges, and I believe we have been in an accumulation phase for 2 months now, I do not see a push through 6,000 happening, and if it does, it will find support quickly around the 5,800 region and bounce back above the 6,000 region within a 4 hour candlestick. If a push thru this years low of 5,750 were to occur, a supportive area between 4,800-5,200 will be seen with a heavy push back up.
Large investors and wallstreet have been accumulating now for months, and normally you would assume they do not want to see lower levels BUT another idea could be the accumulation is meant for a large dump thru 6,000 down to 4,800 where they would be able to dip buy 15-20% worth of their positions.
As I trade these sketchy price levels, I follow a 10-4-1 hour chart in order for better confirmation of where we may be heading within the next 24-48 hours. The arrows are indicating possible outcomes. The current 10 hour candlestick is very bullish and has pushed back $40-50 off the bottom trend line.
We will most likely see some sideways action for the next couple days with price respecting the 6,300 support and the 6,600 resistance.
The red horizontal lines are previous support/resistance regions that price has respected over the last few months, I keep them there for further confirmation of price action.
I will also follow the public short/long positions as this is a very useful indicator
Btc Current price is 6,453
This was completed at 11:45 am Los Angeles Time