BTC is TRENDING - Look for this movement
Updated
Hey everyone,
Hope everyone had a great weekend!
It looks like BTC is getting some great support to start off this week.
The coin bounced off of the support created in the last week around 4950, and was able to rally to a new trend above the .5 fib level today (after the big fall a few days ago).
We are looking for the coin to find support at the .5 fib level, and push through to the .236 level.
The RSI has a stead trend without bearish divergence, giving us a little confidence in the pattern.
Bear volume is stable, not showing too much gusto into the forming pattern.
I would put a conservative long with a tight stop at the moment. For you swing/day traders out there, nothing is screaming "SHORT" right now to me, and the coin should trend some given the current conditions.
I would put a stop loss right at the $5029 price point, with a long aiming for around $5340. After the $5340, point is met, we might be looking to play the breakout pattern - but I'll have another post explaining how we will do that later this week.
Again, volume is king in this market, look for some consolidation in the coming periods around the .5 fib level, with the intention of playing the next higher high in a long position. The volume should compliment the pattern, so we want to see INCREASING BULL VOLUME and DECREASEING/STABLE BEAR VOLUME
What do y'all think? Is BTC going to moon?
-Block
Hope everyone had a great weekend!
It looks like BTC is getting some great support to start off this week.
The coin bounced off of the support created in the last week around 4950, and was able to rally to a new trend above the .5 fib level today (after the big fall a few days ago).
We are looking for the coin to find support at the .5 fib level, and push through to the .236 level.
The RSI has a stead trend without bearish divergence, giving us a little confidence in the pattern.
Bear volume is stable, not showing too much gusto into the forming pattern.
I would put a conservative long with a tight stop at the moment. For you swing/day traders out there, nothing is screaming "SHORT" right now to me, and the coin should trend some given the current conditions.
I would put a stop loss right at the $5029 price point, with a long aiming for around $5340. After the $5340, point is met, we might be looking to play the breakout pattern - but I'll have another post explaining how we will do that later this week.
Again, volume is king in this market, look for some consolidation in the coming periods around the .5 fib level, with the intention of playing the next higher high in a long position. The volume should compliment the pattern, so we want to see INCREASING BULL VOLUME and DECREASEING/STABLE BEAR VOLUME
What do y'all think? Is BTC going to moon?
-Block
Note
BTC is keeping to the trend fairly well. The price is showing some consolidation, but I'd stay out of the long for the next few periods. Volume will support the next movement past the short-term resistance.Note
BTC has followed our trend fairly well, but it might be too far out to properly predict with this model. If you have been following along, I’d look at collecting the gains - I’ll be posting an update soon!Note
The target went exactly as planned.Hope y'all could benefit from this!
-Block
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