Bitcoin - Week #3 stuck between support and resistance
You are not the only one that comes back to see BTC's price once in a while just to find it stuck around $8300, this has been going on for many days now. So what will it take to get things moving? Well... Billions coming in or billions going out, it's just that simple. We do not control nor do we know when money will come in or go out, but we do know that some situations will entice whales to put money in or take money out. Do we have anything that will entice money to come in or go out in the near future? Expiry of futures contracts never move the needle so let's forget about that, bad news or good news don't do much to BTC. So what will it take? Just like any product, it has to be priced right or there has to be a reason why demand spikes, so what can make demand spike again? Specifically, there's nothing like the confluence of major support points to create a buying frenzy, right now we have only two of those points in the horizon (the $6500 - $7000 area) and the ($4500 area.)
Where are we now?
As far as the long term fibo scale we are between 50% and 60% which is the middle of nowhere.
Why are we in the middle of nowhere? Because we are stuck between strong support and strong resistance. The 200MA is preventing the move up and months-long sopport is preventing the move down. One thing this does tell us is that not being able to go over the 200MA is a sign that we are soon going down (even if we go up a little.) If we go down we may finally hit those buy points that will trigger a lot of buy orders.
Also, the 100MA on the weekly timeframe is holding us up (Acting as support.)
In short, if you have bought alts as previously indicated hang tight and HODL for the long term, if you are still out with cash in hand, then sit tight and wait to see if we go lower (a lot of indicators point at going down some more.)
Wisdom
In investment banking, there is a secret called the "90/90/90 Rule" which means that 90% of investors will lose 90% of their money in just 90 days. Just remember that large institutions are after your money, so don't make greedy unplanned moves, they are counting on you doing just that.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
Where are we now?
As far as the long term fibo scale we are between 50% and 60% which is the middle of nowhere.
Why are we in the middle of nowhere? Because we are stuck between strong support and strong resistance. The 200MA is preventing the move up and months-long sopport is preventing the move down. One thing this does tell us is that not being able to go over the 200MA is a sign that we are soon going down (even if we go up a little.) If we go down we may finally hit those buy points that will trigger a lot of buy orders.
Also, the 100MA on the weekly timeframe is holding us up (Acting as support.)
In short, if you have bought alts as previously indicated hang tight and HODL for the long term, if you are still out with cash in hand, then sit tight and wait to see if we go lower (a lot of indicators point at going down some more.)
Wisdom
In investment banking, there is a secret called the "90/90/90 Rule" which means that 90% of investors will lose 90% of their money in just 90 days. Just remember that large institutions are after your money, so don't make greedy unplanned moves, they are counting on you doing just that.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
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.