Will btc bounce off the 100ema?
Updated
So this is a update from my previous btc analysis.
So btc has continued its downtrend from the top of the current channel as stated on Aug 9th. The 2 sell signals for me were we were at the top on the channel and the 9 that sequential let off.
Since then downtrend has continued and I still believe we ultimately test the 200ema $8400-8000 range is my target.
I am starting to wonder if we will see a bounce at sometime before hitting my target.
I’m starting to think to there’s a chance of a bounce off the 100 ema (9800-9600 range). My guess would be it comes in 3-4 days. If we hit a red 9 on sequential. That would signal btc being a little over sold and that a small relief rally may ensue. If the relief rally came my sell target would be $10,250-10,600 range. I’d probably sell sooner than later as a expect a drop to the lower 8k range still and a test of the 200ema.
I have mixed signals on what will happen at the 200ema when we get there. I would like to see btc stay there for a while and consolidate f it was to make another move up to the top of the channel. If it doesn’t I would probably lean bearish.
Hope this analysis helped
So btc has continued its downtrend from the top of the current channel as stated on Aug 9th. The 2 sell signals for me were we were at the top on the channel and the 9 that sequential let off.
Since then downtrend has continued and I still believe we ultimately test the 200ema $8400-8000 range is my target.
I am starting to wonder if we will see a bounce at sometime before hitting my target.
I’m starting to think to there’s a chance of a bounce off the 100 ema (9800-9600 range). My guess would be it comes in 3-4 days. If we hit a red 9 on sequential. That would signal btc being a little over sold and that a small relief rally may ensue. If the relief rally came my sell target would be $10,250-10,600 range. I’d probably sell sooner than later as a expect a drop to the lower 8k range still and a test of the 200ema.
I have mixed signals on what will happen at the 200ema when we get there. I would like to see btc stay there for a while and consolidate f it was to make another move up to the top of the channel. If it doesn’t I would probably lean bearish.
Hope this analysis helped
Trade closed: target reached
So we hit the 100ema and started to bounce as I stated as a possibility before eventually testing the 200ema.If this holds for the next couple hours I’m at least expecting to test 10k, hopefully break it and settle in the mid tens before correcting back down and creating a new low
Note
Hit my initial sell point of $10,400. My time frame was off. I was expecting another couple days before hitting the ema 100. The bounce happened just as fast as the drop too. I was expecting a slower more healthy rise in price.Now I’m mixed about my next move. I sold half my trade at 10,400. Waiting to see more evidence on what can happen next.
I’m leaning towards btc testing the 100 day again. I think it will bounce off it but not as hard then the third time it tests the 100ema it fails and we approach the 200ema
Note
Forgot to mention we did close on a red 7 with sequential. That does hint at a couple more days of possible downside
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