Hey guys how's everyone. Just a short analysis for BTC here as I do think BTC looks ready for a big move. This move can be BULLISH or BEARISH. The key he\re is not to jump the gun and have patience.
Notice the RSI bounced above 50 which is a BULLISH signal. There is still a lot of potential for it to drop under so watch closely.
I say this all the time but "A stop-loss order will save your portfolio." Minimize risk!
IMPORTANT!- Notice there is quite a big Inverse Head & Shoulders pattern which formed on the chart and I'm sure many people are talking about it or will be soon. Always wait for a H&S pattern to confirm. Wait until the right shoulder breaks above/below the neckline, USUALLY there's a retest of the neckline before moving towards the price target. Best time to buy is on the bounce AFTER the retest. (NOTE: The retest CAN FAIL and usually leads to a big move in the other direction.
MACD is at an important area . There's a good chance for a bigger move soon. (DONT FORGET: This is a DAILY timeframe chart so when I say "soon" I mean within the next week. The path lines on the chart take place over a period of 1-2 months)
NOTE: USUALLY the price of BTC drops a little bit about a week before CME futures contracts expire (The last Friday of the month). STATISTICALLY, BTC USUALLY DROPS around that time each month. This month, the last Friday is the 25th, which is like 8 days away.
The rest of the chart is pretty simple and straight forward. The GREEN, ORANGE, and RED lines represent the different potential paths BTC could take over the next month or two IMO.
Thanks guys. Please LIKE, SHARE, and FOLLOW. I appreciate it a lot. Will post updates along with this as usual.
Ill leave the link to a recent BTC chart I published which I think BTC is following well.
*** As always this is not financial advice. This is an IDEA based off of MY research and experience. I always encourage anyone to do very thorough research before Investing or trading anything.***
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