BTC - Important Support Levels to watch

Updated

As you know, these are critical times right now. And anyone who is not familiar with trading, should leave this ship as a couple of holes have been drilled into this ship already. But you have to be aware, that things can incredibly speed up soon... if we should close below 50EMA on the weekly, this "bear-trend" will continue for the next year.

I am posting important support levels for the most important coins now which we can watch for possible short term reversals.

This will include
BTC
ETH
NEO
LTC
BCH

Note

BTC follows NEO and ETH or vice versa ;). Meaning BTC is consolidating in a rising bear flag right now, that will most likely take us to 6000 first and then 4900.

Sorry I just recognized that some lines in the charts must have been touched somehow. In the chart above is a support line drawn at 5394 which should be at 4950!! If we crack that support we should have huge huge support between 4400 and 4600! This is the maximum I can see BTC falling short-term. But mid term we fall even below 4000!

It looks like Bears are winning this match with a (BTC, ETH, NEO) 3:2 (LTC, BCC).

Note

It feels as if we were sitting at a similar spot in time as in 1 December week in 2014, where it looked like BTC would have finished it's downtrend and already reversed...

From its low BTC recovered nearly 40% until the first December week in 2014, when it just started to drop another 56%!!
That would bring us to a Target price of around 1600$! Considering the big gap of support a more likely target would lie in the 1350$ area.... but considering the fomo and craziness of this market it is also possible to head even below the 1000$ mark very quickly to catch back upwards again.

Really interesting right now, but for me definetly not a trend change by no means. More likely than not this is a weekly bearflag. The target of it lies around 1950$.

So where do we stand? Definetly not in a bull market. Time will tell. It is months to come in my eyes to reveal the story.

Kehrmaschine

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