Which way do we go George, which way do we go?
Updated
Currently, the bears are still in control.
We are meeting resistance around $7,675.
This is our 8th attempt to break above.
The MACD is still signaling a buy on the 4h but is curling down.
RSI is meeting the same resistance as price and is now trending down.
CMF indicator shows accumulation is in progress and has been, especially in the dips.
There is bullish divergence showing in the MACD and the RSI.
"A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend."
investopedia.com/articles/trading/04/012804.asp
What I believe we are seeing here is the relief rally a lot of people have been talking about.
However, I feel like a lot of traders are not keeping in mind the fact that a full-on reversal is due.
I believe we may see some more downside to test support, but I personally do not see us going down to/past 7k quite yet.
The blue trend line that price is acting on is a yearly trend line from June/July of last year. I *highly* doubt it fully breaks. If it does, I believe we will catch support around 7k. I have $6,425 as a worst case scenario.
In a prior idea of mine, I also listed $7,185-$6,800 as nearly unbreakable support, which so far has held phenominally. See here:
In all, I believe short term we're bear, but not super bear.
Mid-term, within the next week or two, bull. Targets are on the chart on the right hand side.
Long-term, 500k+ EOY. Laugh at me now if you want. ;)
This isn't financial advice, I am just an amateur.
But.. FeelsGood to post a chart again.
More updates to come, stay tuned! :)
We are meeting resistance around $7,675.
This is our 8th attempt to break above.
The MACD is still signaling a buy on the 4h but is curling down.
RSI is meeting the same resistance as price and is now trending down.
CMF indicator shows accumulation is in progress and has been, especially in the dips.
There is bullish divergence showing in the MACD and the RSI.
"A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend."
investopedia.com/articles/trading/04/012804.asp
What I believe we are seeing here is the relief rally a lot of people have been talking about.
However, I feel like a lot of traders are not keeping in mind the fact that a full-on reversal is due.
I believe we may see some more downside to test support, but I personally do not see us going down to/past 7k quite yet.
The blue trend line that price is acting on is a yearly trend line from June/July of last year. I *highly* doubt it fully breaks. If it does, I believe we will catch support around 7k. I have $6,425 as a worst case scenario.
In a prior idea of mine, I also listed $7,185-$6,800 as nearly unbreakable support, which so far has held phenominally. See here:
In all, I believe short term we're bear, but not super bear.
Mid-term, within the next week or two, bull. Targets are on the chart on the right hand side.
Long-term, 500k+ EOY. Laugh at me now if you want. ;)
This isn't financial advice, I am just an amateur.
But.. FeelsGood to post a chart again.
More updates to come, stay tuned! :)
Note
Kiiiiinda have a decision to make.Either we continue up, or we're gonna have an old school drop-party!
Note
FULL DISCLOSURE from teh Salesman for the very first time....I got stopped out at $7,588.
Let's see what happens overnight.
Note
Stop-hunted-out*Note
MACD has broken out of resistance.RSI has broken out of resistance but is trending down.
Price has cleared the insane resistance we had at $7,675 but has slowed down dramatically since. We hit a high overnight of $7,775 but quickly retraced.
Technically we're in bull flag formation, so the next 4-8 hours will be a critical juncture for which direction BTC goes. To me, it looks like BTC is slowing down and may reverse, but we'll see.
Note
On the daily we've already confirmed back into the wedge.RSI is still trending up.
MACD just signaled a buy.
8k
or
7k.
I'm guessing a possible 8k+ rise. If the daily tonight closes above the huge resistance we had yesterday, we're looking at $7,850 to $8,350.
Note
The 4H is still technically a buy on the MACD, but it is now nearing a possible bearish crossover.The RSI is still trending down.
Volume is very, very low except on the spikes.
Unless something happens in the next 4 hours or so, we're going to have a bearish crossover and potentially a nasty drop.
First solid support is around $7,550. If we break that, we're looking at potential freefall. Stay alert, everyone.
Note
ALSOHolding decent support at $7,700 so far but stuck between the 10 day and 100 day MA's.
We need a spike in volume, bad.
Note
RSI is flat.MACD suggesting bearish crossover is imminent.
Volume is substantially low.
The 4h ain't lookin good. We could actually end up seeing a reversal here.
This candle or the next should be the determining factor in price I believe.
Be careful and have stops in place.
Note
I was right! Hey hey!Sooo this isn't good.
Overnight the bears took control as I had expected, and they brought price as low as $7,430. Whew what a drop!
As of right now, RSI is kinda flat but flirting with oversold territory.
There is full bearish crossover on the 4h.
There is beginning bearish crossover on the 6h.
We are holding $7,400 support really well.
Volume on the sell side significantly declined as we approached $7,400.
Our choices right now are slim, mostly downside possible.
There is a small chance we could rally a bit from here to $7,800+.
This very easily could of just been a normal correction for the recent rise we had from the 7k drop.
IF we do not hold support or rally from this point, 7k or less becomes a very real possibility. Hold on to your SHORTS people! xD
Note
$7,450*
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.