BTC - Long Term Bearish Study (Update)
I was in a hurry because of some reason and i recogniza that i couldt publish the analysis well. Then i decided to rewrite something comprehensive.
First of all yesterday BTC move herself up to Ma50 on daily chart and some of analyst assume this as a increasing trend signal(me too). And for now look like we are rising to the 5 number rectangle and if we check the price movement in the past it is possible to say this area is little bit dangerous for us.
Now let me say something about the Fibonacci Retrecament in this chart. The black one including rising trend till ATH but other ones(blue ones) including every minor decreasing trend after some fluctuating from green area. For the first blue Fib, buying reaction start from Ma50 as you see, then price start to rising but the red area which is between Fib Ret 0.5 and 0.618 just lines do not let the price rise. After bouncing this red area (number1) a decreasing trend has been started to the green area.
The second Fib Ret(previously top and next bottom) including this movement as you see too, after touching the green are price has been started a increasing trend till she reach the red area(Number2) which is between Fib Ret 0.5 and 0.618 lines as the all five ones. After touching second red area same thing happening and BTC start to decrease to the green area and at this time the third Fib Ret taking a shape for not letting she cross the new red area. Then same thing happening and one more decreasing trend has been started till the green area. And today, we just going to go to the 5 number red area as you see again and again.
Then i just want to say the same thing for the moving averages; The dark green callouts show us crossing up the Ma21. At the first crossing up Ma21, she tried to cross Ma50 and then she reach to the second red area. After touching there BTC turned back to the green area she did the samething for third red area then did it to the forth red area. BTC crossed up to Ma21 a couple days ago and she crossed up to Ma50 yesterday and start her road to the five number red area.
By the way, we have a death cross inside of the third red area and look like we are going to have a Golden Cross inside fifth red area.
About the RSI, i just want to take attention about the RSI movement after Death Cross. After Death Cross, till green area RSI down to the oversold limit (30) and bounced here to the overbought limit(70). At the 70 value BTC touched the third red area. Then repeat it till the forth red area. And now a couple day ago RSI down the oversold limit(30) and increasing right now, i think when RSI reach to the 70 BTC will touch the fifth red area.
If we can not break the fifth red area with wolume, looks like next target is the green area.
First of all yesterday BTC move herself up to Ma50 on daily chart and some of analyst assume this as a increasing trend signal(me too). And for now look like we are rising to the 5 number rectangle and if we check the price movement in the past it is possible to say this area is little bit dangerous for us.
Now let me say something about the Fibonacci Retrecament in this chart. The black one including rising trend till ATH but other ones(blue ones) including every minor decreasing trend after some fluctuating from green area. For the first blue Fib, buying reaction start from Ma50 as you see, then price start to rising but the red area which is between Fib Ret 0.5 and 0.618 just lines do not let the price rise. After bouncing this red area (number1) a decreasing trend has been started to the green area.
The second Fib Ret(previously top and next bottom) including this movement as you see too, after touching the green are price has been started a increasing trend till she reach the red area(Number2) which is between Fib Ret 0.5 and 0.618 lines as the all five ones. After touching second red area same thing happening and BTC start to decrease to the green area and at this time the third Fib Ret taking a shape for not letting she cross the new red area. Then same thing happening and one more decreasing trend has been started till the green area. And today, we just going to go to the 5 number red area as you see again and again.
Then i just want to say the same thing for the moving averages; The dark green callouts show us crossing up the Ma21. At the first crossing up Ma21, she tried to cross Ma50 and then she reach to the second red area. After touching there BTC turned back to the green area she did the samething for third red area then did it to the forth red area. BTC crossed up to Ma21 a couple days ago and she crossed up to Ma50 yesterday and start her road to the five number red area.
By the way, we have a death cross inside of the third red area and look like we are going to have a Golden Cross inside fifth red area.
About the RSI, i just want to take attention about the RSI movement after Death Cross. After Death Cross, till green area RSI down to the oversold limit (30) and bounced here to the overbought limit(70). At the 70 value BTC touched the third red area. Then repeat it till the forth red area. And now a couple day ago RSI down the oversold limit(30) and increasing right now, i think when RSI reach to the 70 BTC will touch the fifth red area.
If we can not break the fifth red area with wolume, looks like next target is the green area.
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