BTC (Y19.P2.E26).Bottom.Is.In.Factural+More
Updated
Its difficult to explain gut feel and as well as its difficult to explain what the difference between knife edge = bottom is in.
Hence I might do a video explain why I think the bottom is in and its time to go long.
Am I 100% convinced, you can't.
Am I 70% convinced, yes.
The other bit to the puzzle is "GOLD" price movement. If you follow my posts, you will see that GOLD is on the rise\forecast and many see both GOLD and BTC in the same class\category for anti Fiat or storage of wealth.
BTC tends to lag GOLD and we can assume that BTC will soon follow.
Why do I think the bottom is in?
Many of you who follow me, notice I like to use fib.channels as I don't really support the notion that the majority of the time we have horizontal support and resistances.
Mind you, there are times where it is applicable.
I came to this conclusion when I looked at fibonnaci and the sweet of tools they have.
One could also see that fib. rings, fib.gann.fans and fib.pitchforks tell you that horizontal lines don't come into play.
Anyway, I was in the last month, using fib.channel resistance lines and they are working great for me.
So today, I wanted to fine tune my lines around the double bottom picture, in the 4 hrly chart. Not macro but for micro trading.
I thought let me extend this line on the left. So I get this.
So one can see the channel made up with the BLUE lines (previous channel) and now the channel surrounded by the 2 black lines.
When you look at the channel surrounded by the BLUE lines, when it breaks out of this channel, the price drops hard.
However we have a different price behavior for the BLACK lined channel. The double bottom put the price back into this channel and is now holding stubbornly.
I leave that for you to think about, what it means psychologically.
Now look at the previous bottom in 2017\2018.
Make the comparison
The next thing I did, was to extend the fib.channel lines for the current price action and this is what I got.
Note, I did not want to influence my trend line with bias as one can and does this.
You will see that after all the discussions people post, we are actually doing what it historically did all the time.
I will leave it there and let you come up with your own conclusions.
As for other elements, I have the RSI, Stochastic also supporting the bullish sentiments.
WEEKLY MACD > Has a potential of a massive Bullish Divergence
Stochastic on the weekly, bullish divergence
Another thing, the fib.Gann.Fan, removing the parabolic end components, also show confluence that this is a key fib. level bounce.
Now for the last bit for the micro level, one can see how price is respecting this support line\channel.
Note, as I said, there is a fine line between seeing the bottom and knowing the bottom, those who are willing to risk and take the chance get the most reward.
I am thinking to articulate all this in a video, sometime tonight.
Please give a thumbs up or a like if you agree or just appreciate the effort.
Regards,
S.Sari /CryptoProspa
Hence I might do a video explain why I think the bottom is in and its time to go long.
Am I 100% convinced, you can't.
Am I 70% convinced, yes.
The other bit to the puzzle is "GOLD" price movement. If you follow my posts, you will see that GOLD is on the rise\forecast and many see both GOLD and BTC in the same class\category for anti Fiat or storage of wealth.
BTC tends to lag GOLD and we can assume that BTC will soon follow.
Why do I think the bottom is in?
Many of you who follow me, notice I like to use fib.channels as I don't really support the notion that the majority of the time we have horizontal support and resistances.
Mind you, there are times where it is applicable.
I came to this conclusion when I looked at fibonnaci and the sweet of tools they have.
One could also see that fib. rings, fib.gann.fans and fib.pitchforks tell you that horizontal lines don't come into play.
Anyway, I was in the last month, using fib.channel resistance lines and they are working great for me.
So today, I wanted to fine tune my lines around the double bottom picture, in the 4 hrly chart. Not macro but for micro trading.
I thought let me extend this line on the left. So I get this.
So one can see the channel made up with the BLUE lines (previous channel) and now the channel surrounded by the 2 black lines.
When you look at the channel surrounded by the BLUE lines, when it breaks out of this channel, the price drops hard.
However we have a different price behavior for the BLACK lined channel. The double bottom put the price back into this channel and is now holding stubbornly.
I leave that for you to think about, what it means psychologically.
Now look at the previous bottom in 2017\2018.
Make the comparison
The next thing I did, was to extend the fib.channel lines for the current price action and this is what I got.
Note, I did not want to influence my trend line with bias as one can and does this.
You will see that after all the discussions people post, we are actually doing what it historically did all the time.
I will leave it there and let you come up with your own conclusions.
As for other elements, I have the RSI, Stochastic also supporting the bullish sentiments.
WEEKLY MACD > Has a potential of a massive Bullish Divergence
Stochastic on the weekly, bullish divergence
Another thing, the fib.Gann.Fan, removing the parabolic end components, also show confluence that this is a key fib. level bounce.
Now for the last bit for the micro level, one can see how price is respecting this support line\channel.
Note, as I said, there is a fine line between seeing the bottom and knowing the bottom, those who are willing to risk and take the chance get the most reward.
I am thinking to articulate all this in a video, sometime tonight.
Please give a thumbs up or a like if you agree or just appreciate the effort.
Regards,
S.Sari /CryptoProspa
Note
Now for references who support this idea.We have Peter Swift who has his own tool set and methodology who states the following
twitter.com/PositiveCrypto/status/1209063402439610368
twitter.com/PositiveCrypto/status/1205520056051994630/photo/1
Note
Note
News article > GOLD observationsBitcoin [BTC] Price Remains in a Downtrend while Gold and Equity Markets Soar
coingape.com/bitcoin-equity-downtrend-price/
Note
2 Year MA knocking on the resistance door, of recent. If we get above this line, on the DAILY, its a bullish sign.
Note
Note
Updates on indicators>Wkly MACD is turning confirming bullish divergence
>RSI also turning up and just edged the 50%, nice. The ma on the RSI has not crossed over for bullish confirmation
> Stochastic bouncing upwards with good structure
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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