BTC where to now?
Updated
BTC surprisingly and violently bounced of the 777 daily ma, which i put arbitrarily on the chart in the past because it crossed the pivot of my gann fan. Why the 777 daily ma acted like support? I don't know, maybe some whale likes playing slots.
In my past ideas i said BTC going to $7100, I said that nobody should feel bad if it drops below the magical 7500 because BTC can disregard all TA and make U-turn. I didn't think that U-turn would come until next week. But there was a TA for that U-turn, it was a major bullish divergence on the RSI, however nobody could have guessed how high it can go. I thought it would be a small relief for bulls, turned out to be a major rekt for bears. So thats BTC for you. I hope you didn't FOMO yesterday and bought the top. It looks like BTC will bounce of $8200 on the gann fan. This would be a good long entry, and stop loss below that gann trendline.
So now BTC looks like it reversed trend and will climb the gann fan. There are two targets. The nearer one in November is 22k and the one in December is 12.5k. Which target is more probable can be determined by using different TAs. But for sure the rate of climb can give an idea where the price is heading and when. So we wait for more data in order to fit a curve and guess BTCs destination.
In my past ideas i said BTC going to $7100, I said that nobody should feel bad if it drops below the magical 7500 because BTC can disregard all TA and make U-turn. I didn't think that U-turn would come until next week. But there was a TA for that U-turn, it was a major bullish divergence on the RSI, however nobody could have guessed how high it can go. I thought it would be a small relief for bulls, turned out to be a major rekt for bears. So thats BTC for you. I hope you didn't FOMO yesterday and bought the top. It looks like BTC will bounce of $8200 on the gann fan. This would be a good long entry, and stop loss below that gann trendline.
So now BTC looks like it reversed trend and will climb the gann fan. There are two targets. The nearer one in November is 22k and the one in December is 12.5k. Which target is more probable can be determined by using different TAs. But for sure the rate of climb can give an idea where the price is heading and when. So we wait for more data in order to fit a curve and guess BTCs destination.
Note
12.5k now more probable than 22k. But Alts might Moon.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.