BTC trend reversal, we are having an upsurge!
I have looked at the BTC chart and what I can see now is a turnaround from a long miserable down period.
I'm not saying that this is "going to the moon", but looking at some signs I think we are definitely going to see some major moves.
Here is why.
Dec. 15 to now we have had 5 solid green candles with around 140K volume. The volume is not tremendous but its building day after day which I like because it shows me confidence in BTC. If it was two green candles at 140K volume and then down that could be just a blip.
RSI has moved out of the 30 oversold danger zone into a 50 range which is positive.
The 200 day MA has been broken finally!
Now I have 3 short term resistance lines. My first one has been broken at 3636 and BTC is heading toward my second line of 4044.
MACD has moved from 30 to 115 since Dec. 15 with a good spread between the two lines.
So where is BTC going to go?
There will be some friction at the 4044 and 4400 marks. However, my guess is that people are moving their money out of the stock market and into Gold/Silver and BTC. If there still is no China trade deal and the Fed keeps pushing up rates I can easily see BTC hit around the 6140 by early January.
That 6140 area is major resistance and will take time to work off.
I'll keep my eyes open on this as there is finally some positive price action.
This is not financial advice just a dude who likes charting and chatting....peace
I'm not saying that this is "going to the moon", but looking at some signs I think we are definitely going to see some major moves.
Here is why.
Dec. 15 to now we have had 5 solid green candles with around 140K volume. The volume is not tremendous but its building day after day which I like because it shows me confidence in BTC. If it was two green candles at 140K volume and then down that could be just a blip.
RSI has moved out of the 30 oversold danger zone into a 50 range which is positive.
The 200 day MA has been broken finally!
Now I have 3 short term resistance lines. My first one has been broken at 3636 and BTC is heading toward my second line of 4044.
MACD has moved from 30 to 115 since Dec. 15 with a good spread between the two lines.
So where is BTC going to go?
There will be some friction at the 4044 and 4400 marks. However, my guess is that people are moving their money out of the stock market and into Gold/Silver and BTC. If there still is no China trade deal and the Fed keeps pushing up rates I can easily see BTC hit around the 6140 by early January.
That 6140 area is major resistance and will take time to work off.
I'll keep my eyes open on this as there is finally some positive price action.
This is not financial advice just a dude who likes charting and chatting....peace
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