BTC - Critical 48 hours, bull or bear, it's decided now.
Updated
Good afternoon all,
I apologize for my BTC Hiatus, I've been quite the busy bee lately, but I'm back and I'm bringing you the juice.
Firstly, I'd like to point out that most traders have switched to bullish, while a bullish impulse is certainly a possibility, I'd like to point you out to this chart. In this chart I have turned on log, and you can see that BTC is most definitely respecting the log trendlines. With that in mind I will dive right in.
Key Notes:
1) 5th touch of log down trendline over 124 day period, we can continue sideways for another couple of days, however a large move must happen soon.
2) We are also at our 62nd day of RSI resistance and currently at the top of this resistance, once again, signalling an important day.
3) We have overhead resistance of the .382, 200 day EMA, and the vegas tunnel.
4) I am not bullish until we see a large breakout with volume of the trendline, this should trigger massive buying.
Bullish Targets:
1) If we manage to clear the trendline, I anticipate a mass rush of buyers, I will expect some resistance at the 0.5 fib @ 9091, however
I expect it to only act as a consolidation point.
2) My first real target will be the golden zone @ 0.618 - 0.65 fib, at 9891
3) If we clear 9891, we should expect smooth sailing back towards the previous resistance cluster @ 11,700
Bearish Targets:
1) If we do not break today, I anticipate more range trading, a retest of $7901 is to be expected.
2) If 7901 no longer acts as support, I would anticipate to see low's into the 6's and beyond.
As always, if you find my useful helpful, please support me by hitting the like and follow button, upon 15 likes I will continue to update this idea.
I am also currently streaming live @ twitch.tv/cryptocrew
I apologize for my BTC Hiatus, I've been quite the busy bee lately, but I'm back and I'm bringing you the juice.
Firstly, I'd like to point out that most traders have switched to bullish, while a bullish impulse is certainly a possibility, I'd like to point you out to this chart. In this chart I have turned on log, and you can see that BTC is most definitely respecting the log trendlines. With that in mind I will dive right in.
Key Notes:
1) 5th touch of log down trendline over 124 day period, we can continue sideways for another couple of days, however a large move must happen soon.
2) We are also at our 62nd day of RSI resistance and currently at the top of this resistance, once again, signalling an important day.
3) We have overhead resistance of the .382, 200 day EMA, and the vegas tunnel.
4) I am not bullish until we see a large breakout with volume of the trendline, this should trigger massive buying.
Bullish Targets:
1) If we manage to clear the trendline, I anticipate a mass rush of buyers, I will expect some resistance at the 0.5 fib @ 9091, however
I expect it to only act as a consolidation point.
2) My first real target will be the golden zone @ 0.618 - 0.65 fib, at 9891
3) If we clear 9891, we should expect smooth sailing back towards the previous resistance cluster @ 11,700
Bearish Targets:
1) If we do not break today, I anticipate more range trading, a retest of $7901 is to be expected.
2) If 7901 no longer acts as support, I would anticipate to see low's into the 6's and beyond.
As always, if you find my useful helpful, please support me by hitting the like and follow button, upon 15 likes I will continue to update this idea.
I am also currently streaming live @ twitch.tv/cryptocrew
Note
Bullish break, expect consolidation and a run at target 1 at 9091 by Monday.Note
Streaming educational content live now @ twitch.tv/cryptocrew come signup and get all your TA questions answered for free!Note
BTC making a run @ target #1 $9091 (0.5 fib) , I'm expecting more resistance and consolidation (most likely for the remainder of the day) between 8900-9200, I then anticipate a run possibly beginning tomorrow towards $9800.In the meantime the only coin I am in besides BTC is a 30% position into LTC.
Note
Target 1 hit, I expect further consolidation in this zone (8900-9200) before making a run most likely tomorrow evening towards $9891 for my sell target.I closed my LTC position that was opened @ 16800 yesterday for a 3.5% profit and I'm currently sitting in pure BTC.
Note
Streaming live @ twitch.tv/cryptocrewTrade closed: target reached
Sold @ .618, possible .65 touch still in works, but taking profits here.Note
Will create a new chart today / tomorrow with expected retracement targets.
If you find my information helpful, please return the favor and hit the like and follow button, it's very encouraging and keeps me motivated!
Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
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